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Bringing up refinancing again

I

Irondawg

Senior
Dec 2, 2007
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Looked at it early April, but getting tired of sitting around on it. Any recommendations for the Jackson area?

8-year in to a 30-year @ 3.875%

I've got a quote from my local bank who has it now and I'm a tad loyal because I know some folks there but want to make sure I'm getting a good rate or if the advice is to wait another month or so
 
G

GTAdawg

Redshirt
Sep 11, 2010
2,162
25
48
This week I signed a lock agreement on 30yr 2.99% rate / 3.12% APR to refinance. I had to wait it out a bit after rates rebounded quickly off those March lows. It's been quietly going back down the last 20-25 days.

ETA: I was in year two of a 4.625% 30 yr.
 
Last edited:
msudawg12

msudawg12

Senior
Dec 9, 2008
3,907
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8 years into at 3.875, you may or may not be wanting to do it unless you are going to drop it to a 10 or 15. another 30 is only goign to be in the 3.125-3.25 range. maybe a flat 3.
The closing costs might be worth just dumping into as a lump payment.

if you're shortening the term, you MAY do better but again, you may accomplish the same thing by just dumping the estimated closing cost payment.

i refinanced mine and gained a full % but was only 9 months into a new 30. Payback was in 23 months. And i'll do better than that because i'm going to continue to pay the old payment amount or more.

my sister did not refinance but instead just made a lump payment and comes out effectively better in the long run.

plenty of online refinance calculators to way the options
 
E

EagleDawg97

Senior
Oct 18, 2015
810
586
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I’m watching with my paperwork already filled out. 15 year fixed was at 2.7% this morning with no points. When it dips below 2.7, I will lock in.
 
57stratdawg

57stratdawg

Heisman
Dec 1, 2004
148,434
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How much in out of pocket expenses is that adding? I'm looking to refinance down to 15 year, but not sure we'll be in the house long term. So, I want to add as little $ to my current balance as possible.

I'm looking at around 3.3% on a 15 year with the lender covering basically all expenses.
 
I

Irondawg

Senior
Dec 2, 2007
2,896
553
113
msudawg12 said:
8 years into at 3.875, you may or may not be wanting to do it unless you are going to drop it to a 10 or 15. another 30 is only goign to be in the 3.125-3.25 range. maybe a flat 3.
The closing costs might be worth just dumping into as a lump payment.

if you're shortening the term, you MAY do better but again, you may accomplish the same thing by just dumping the estimated closing cost payment.

i refinanced mine and gained a full % but was only 9 months into a new 30. Payback was in 23 months. And i'll do better than that because i'm going to continue to pay the old payment amount or more.

my sister did not refinance but instead just made a lump payment and comes out effectively better in the long run.

plenty of online refinance calculators to way the options
Click to expand...


Yeah I'd go 15 so do want to do the math to see if dumping the closing cost into existing would effectively do the same thing without all the paperwork. In March I was hearing about rates close to 2.5 with only about 1-1,500 down but I'm not seeing anything close to that anymore.
 
I

Irondawg

Senior
Dec 2, 2007
2,896
553
113
EagleDawg97 said:
I’m watching with my paperwork already filled out. 15 year fixed was at 2.7% this morning with no points. When it dips below 2.7, I will lock in.
Click to expand...

Who are you using - my current banks offer was 3.15 for 15 with 3K cost. What was the fees on that 2.7?
 
F

fishwater99

Freshman
Jun 4, 2007
14,073
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I think rates may go even lower for the rest of 2020.
I am waiting until later this summer then looking into pulling the trigger.
 
S

SyonaraStanz

Senior
Mar 5, 2010
3,225
583
113
Check out AimLoan. My current 30yr is with them. Their site is showing around 2.625/15 yr right now. I’m considering refi’ing to 15.
 
R

RocketDawg

All-Conference
Oct 21, 2011
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A 15 year mortgage will save you a ton of money with only slightly higher payments. I'm sure you've run the numbers though. :)
 
C

Cooterpoot

Redshirt
Aug 29, 2012
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The recession is going to be a ***** and rates are going to drop. Nobody is purchasing right now either. Unless I needed to refi for a specific reason, I'd wait. Loan volume has fallen considerably and banks are going to adjust their rates accordingly. But 2.5 is a damn good rate.
 
J

johnson86-1

All-Conference
Aug 22, 2012
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RocketDawg said:
A 15 year mortgage will save you a ton of money with only slightly higher payments. I'm sure you've run the numbers though. :)
Click to expand...

It will save you money and I was hardcore about only doing 15 year mortgages when I started, which has been good as far as ensuring we paid down a lot of debt and had equity to roll over into nicer houses, but if you can get money for 30 years at 3.5% or less, it's not hard to make better money than that in investments over a thirty year period. You just have to make sure you put the monthly savings into an investment and not consumption.
 
C

Cooterpoot

Redshirt
Aug 29, 2012
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FNMA expects the average 30 yr rate to be 3.20 the 2nd qtr. (It was 3.5 1st qtr). So 15 yrs. should be in that 2.5% range.
 
57stratdawg

57stratdawg

Heisman
Dec 1, 2004
148,434
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I spoke with Aim today due to this message. They’re currently not considering any applicants whose income is derived from self employment. Also, any family unit which has applied/received PPP funding is not being considered until 2021.

That’s really conservative. Good for them, I guess, but I was surprised to hear that.
 
aTotal360

aTotal360

Heisman
Nov 12, 2009
21,856
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Only if lenders are willing to accept smaller margins. And that's not going to happen. They artificially raised APR to slow down business. That business is yet to slow down.
 
R

RBDog82

Redshirt
Sep 14, 2008
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SyonaraStanz said:
Check out AimLoan. My current 30yr is with them. Their site is showing around 2.625/15 yr right now. I’m considering refi’ing to 15.
Click to expand...

Ive got multiple mortgages with AimLoan. They’ve been very easy to deal with and have usually had very competitive rates.
 
G

garddog

Freshman
Dec 10, 2008
792
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Cooterpoot said:
I can't see that. Banks are taking a beating. Low rates might get mortgage loans, but in the long run it's not good. If 30 gets below 3%, we've got a mess.
Click to expand...

That's because banks don't care about loan interest anymore. All they care about is fees, fees, fees, and making sure businesses don't take cash. Whole industry needs to be blown up.
 
B

bsquared24

Sophomore
Jul 11, 2009
719
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On a related topic, wife and I are looking to buy some property now to build on in 3 or 4 years. Is it as easy to get lending on that as a house? I've only bought property with houses on them before.
 
aTotal360

aTotal360

Heisman
Nov 12, 2009
21,856
14,646
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That's a loaded question. Depends on your credit and income-to-debit ratio. If all that checks out, you'll be fine. Id' recommend buying now if you can. Rates are only going to go up and dirt isn't going to get cheaper.
 
MaroonCrusader

MaroonCrusader

Redshirt
Dec 5, 2013
685
4
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We went from a 30 year at 4.0% 3.5 years in to a 25 year 2.875%. Will save us $130/month and will pay it off in 21 years if we just pay what we paid previously before the refi. Overall cost was under 1k. Most of the closing costs were covered with funds in the escrow account. If your credit is good, I’d greatly consider it. We used Eustiss Mortgage out of Baton Rouge, LA. Best rate we found. PennyMac’s best rate was 3.2 for same terms. Shop around for best rates!
 
mstateglfr

mstateglfr

All-American
Feb 24, 2008
16,103
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We are going thru this process now.
8 years into a 3.75% 30 year mortgage.

We were quoted 2.25% on a 15 year or 2.625% on a 20 year.
So we agree on the 15 year, fill out paperwork over the weekend, and just heard back this morning that its currently at 2.375% for 15 year. WT17. I havent done the math, its nominal either way, but thats just annoying. Havent decided what we will do now.
 
D

Dawgsnsaints

Redshirt
Aug 30, 2012
379
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mstateglfr said:
We are going thru this process now.
8 years into a 3.75% 30 year mortgage.

We were quoted 2.25% on a 15 year or 2.625% on a 20 year.
So we agree on the 15 year, fill out paperwork over the weekend, and just heard back this morning that its currently at 2.375% for 15 year. WT17. I havent done the math, its nominal either way, but thats just annoying. Havent decided what we will do now.
Click to expand...


I would jump on it, that's a dang good rate. I am not finding rates anywhere near that and I have been looking for a month. I have had two mortgage companies tell me my loan is not big enough to qualify for their lowest rates .
 
R

ronpolk

All-Conference
May 6, 2009
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Dawgsnsaints said:
I would jump on it, that's a dang good rate. I am not finding rates anywhere near that and I have been looking for a month. I have had two mortgage companies tell me my loan is not big enough to qualify for their lowest rates .
Click to expand...

I’m not a mortgage banker, so I could be wrong on this. But I’d check somewhere else. Sounds to me like the mortgage guy you checked with is only looking for loans bigger than yours. I’ve never heard of rate being impacted by size of the loan. Rate is usually a function of length of loan and risk associated with the borrower.
 
I

Irondawg

Senior
Dec 2, 2007
2,896
553
113
mstateglfr said:
We are going thru this process now.
8 years into a 3.75% 30 year mortgage.

We were quoted 2.25% on a 15 year or 2.625% on a 20 year.
So we agree on the 15 year, fill out paperwork over the weekend, and just heard back this morning that its currently at 2.375% for 15 year. WT17. I havent done the math, its nominal either way, but thats just annoying. Havent decided what we will do now.
Click to expand...

PM me who you are using because that's way lower than what I've found
 
D

DreadNought.sixpack

Redshirt
Feb 15, 2013
507
0
0
I locked in last week at 2.5% fixed on a 15 year jumbo loan. I’m paying a 30% down payment to get it So not ideal for everyones situation.
 
msudawg12

msudawg12

Senior
Dec 9, 2008
3,907
666
113
mstateglfr said:
We are going thru this process now.
8 years into a 3.75% 30 year mortgage.

We were quoted 2.25% on a 15 year or 2.625% on a 20 year.
So we agree on the 15 year, fill out paperwork over the weekend, and just heard back this morning that its currently at 2.375% for 15 year. WT17. I havent done the math, its nominal either way, but thats just annoying. Havent decided what we will do now.
Click to expand...

if you filled the paperwork, the rate should have been "locked in"

What they are doing now would be potentially illegal? At the very least, it would be poor ethically. I would request the bank manager
 
G

G-Dawg

Freshman
Sep 6, 2012
1,183
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+1 on Denny Lea. He's handling my loan right now. Closing next week. Huge DAWG fan.
 
J

johnson86-1

All-Conference
Aug 22, 2012
14,373
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Cooterpoot said:
I can't see that. Banks are taking a beating. Low rates might get mortgage loans, but in the long run it's not good. If 30 gets below 3%, we've got a mess.
Click to expand...

I think the rate is irrelevant for most of the banks, as they just turn around and sell them. If they are keeping a loan in house, I don't think they lock the interest rate for more than 7 or 8 years at most, and you'll probably pay a premium to get a fixed rate for that long.

It does mean that they are running out of opportunities for refinance booms, as we're going to have the vast majority of the market on low rates soon, without much further to go unless we start seeing negative interest rates on treasuries.
 
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