Have you refinanced during Covid?

Discussion in 'Mayberry Lounge' started by Grassshoppa, Nov 18, 2020.

  1. Grassshoppa Brown Belt

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    Have you refinanced during Covid? How low did you get and with what lender?

    I refinanced for 30 years at 2.75% with Wells Fargo and am looking at doing it again to go lower since I won't have to fill all the paperwork out again because it's within the last 12 months.

    What'd you get?
     
  2. mb23100 Gold Belt

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    I looked into it but I don't owe much on my house and already have a pretty good I. R. So it wasn't really worth it. know a lot of people who have though. A friend is a mortgage broker and has been making BANK this whole time.
     
  3. TeTe Kaep's white privileged upbringing belt Staff Member Senior Moderator

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    I bought a house last month and got 2.875

    Probably could have gotten lower if I put more down.
     
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  4. Satsui Ryu Black Belt

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    I did. Went from 30 years at 4.65% to 20 years at 2.875%. Took 8 years off my loan and lowered my monthly payment by $80/month
     
  5. Fedorgasm Gold Belt

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    I'm thinking about it. At the time when I was looking into it, the closing costs were insane.

    So I just says fuck it I'll wait till the rush dies down and they're a little more desperate for my business.

    Maybe now is the time to act. I've got maybe 25 years left at 4.35% currently
     
  6. Grassshoppa Brown Belt

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    Just add the closing costs to the existing loan. That's what I did when I went from 3.75% to 2.75% which saved about $350/month. You'll recoup the closing costs quickly through the monthly savings.
     
  7. Brandon Wilson Amateur Fighter

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    Refinanced my rental property.

    Did a 25 yr mortgage (i don't care if it ever gets paid off due to income tax breaks etc) @1.79% down from 2.98% That dropped the payments from 560$ bi weekly to 480$ , plus we rolled our line of credit into that mortgage which freed up another 600$ a month, and on top of that we got new tenants in there who are paying 400$ a month more than the previous tenants.

    All told, I'm 1600$ a month ahead of where I was last month. Life is good.
     
  8. HeffDoesWant Brown Belt

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    How do American 30 year loans work?

    My guess.
    You take it out at a certain rate say 3% and it never rises but if you want you can refinance at a lower rate which effectively pays it all and starts again.

    Aussie loans aren't so friendly if im right but rates seem lower. Mine was 2.85% from about 13 months ago.
    I now see rates advertised that start with a 1.
     
  9. HeffDoesWant Brown Belt

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    Are closing cost just paperwork costs or do they factor in the interest rate change?
     
  10. Get To Da Choppa Purple Belt

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    I refinanced last November for 15 years at 2.875%. My original loan was 30 year ARM of 7 years at 3.5%, with the initial plan of selling the house and move into a bigger house when we have kids within 7 years. A year and half into staying at the current place we really love it, so I decided to refinance. Had to pay some points and of course the ridiculously high Texas closing cost, but will still break even in less than two years and save over $100k over the life of the loan.

    I looked into refinance rates a few weeks ago, and my jaws dropped when I saw a 15 year rate of 2.25%. I was really tempted to refinance again, but of course after factoring the closing cost and all the hassle I'm not sure if it'll be worth it.

    By the way, closing fees are some of the biggest bullshit around, along with student loan interest rates being higher than home and auto loan rates. It's a cash grab for government agencies and lawyers
     
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  11. boingyman If can, can. If no can, no can.

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    I did about 2 months ago. Got a 30 year @ 2.5%. ABCE on loan estimate was only $700. I could have gotten even more lender credit where ABCE would be like $200, but I was too busy to want to switch to another lender

    If you want to refinance I highly recommend educating yourself if you don't know much about the process or understand how rates and cost work. Being offered a rate means nothing if you don't know the true cost. Understand how to read a loan estimate.

    Instead of explaining things I recommend checking out these 2 forum threads on refinancing.

    https://slickdeals.net/f/14173061-0...nd-sd-reviews-30year-2-75-15year-2-25-etc?v=1
    https://www.bogleheads.org/forum/viewtopic.php?f=2&t=289559&sid=a63a89bfeb7a6179010f59c3ed66c637
     
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  12. Legicato Orange Belt

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    2.7% lock 5 years.

    Months later it's 1.6%

    Fuck me in the ass.
     
  13. thehighking Red Belt

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    What's a closing fee I'm not familiar with that? Hardly a fee for paying your loan off early?
     
  14. HughPhug Plug Tunin'

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    Result, we did similar a few years back, went from 4.5% to 1.25%, from 15 years to 10 and saved around £100 a month, may have been more
     
  15. TardStrong Brown Belt

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    I went with Wells Fargo

    15 year loan at 2.5%

    Cut off 7.5 years of payments and going to save about $48k in interest. My payment is going up $330 a month
     
  16. TardStrong Brown Belt

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    If you started with a 30 year fixed loan yes the interest rate is locked over the life of the loan

    If you go to refinance you can chose to start the 30 years over or go to a 20 or 15. The more years the higher the interest rate.
     
  17. thenorthremembers White Belt

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    Yes sir. went from 5.12 to 3.125%.

    Bout to get some equity all up in this bitch.
     
  18. 12ga. Silver Belt

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    Nope my house is paid for. But you never really own it even so...property taxes hit us for $1200 a quarter.
     
  19. Darth_Inv1ctu5 Yellow Card

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    Almost did with quicken loans, but decided against it because I won't be staying in NJ for much longer. Of course, just as i was making plans to move, this shitpile of a state decides to have the best weather in last 15 years, as if to beg me to stay. No, NJ, you've had your chance, you abominable collection of over-tanned Karens and knee-high sock & New Balance-wearing, Home Depot-dwelling home improvement amateurs
     

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