Holy Mortgage Rate!!

[John Purcell]

So I have just looked at refinancing my mortgage, thank goodness I did, it will pay 2x my MF for 2021!


Before locking in on a rate, what’s the best mortgage rate you have seen or heard of?

I saw a 2.625% 30 year fixed (no points). I also saw a 10/1 for 2.25% with a half point. Am I the only one seeing this and the consequent savings as justification for a (ie another) DVC contract?!?

I am sure there are mortgage folks out there, what’s the best stuff you’ve seen?

 

[stout]

We just locked at 2.25 no points for 15 year fixed on our first vacation property!

 

[Shelly F - Ohio]

Third Federal 2.79% and only $295.00 closing fee's 30yr

 

[Rob Huff]

We refi'd at 2.5% on a 15yr two months ago...and that's already out of date. Oh well. Hard to be upset about 2.5%!

 

[momoftwins]

Would you guys mind sharing where you see those rates? Or if you have the bank/mortgage co info that would be great also!

I do follow bankrate, but with each inquiry you have to seel your soul to get the actual rates. I live in PA, btw.

Have a wonderful day!

 

[GoofyDad_4427]

Would you guys mind sharing where you see those rates? Or if you have the bank/mortgage co info that would be great also!

I do follow bankrate, but with each inquiry you have to seel your soul to get the actual rates. I live in PA, btw.

Have a wonderful day!

I'm in Pittsburgh and refinanced about 2 months ago to a 15 year at 2.49%. I used PA Capital Mortgage, LLC. They are a brokerage though, so they will sell your loan to someone else if you care about who services it. I don't care so it was good for me. If you want more info send me a PM.

 

[DisneyHardin]

We just finished a refinance at 2.75% for 15 years and if I had waited a bit, I could have gotten an even better rate.

 

[Pooh2]

My son just sent me a text that he locked in a 2.99.
I sent him a text back that my first mortgage was 10 1/2 percent!

 

[peabody58]

Like my 0% paid off debt free mortgages.

 

[Penny McMouse]

hmmm Looks like we should be looking at refinancing. After doing some research I think we could easily take our 30 year with 27 years left down to a 15 with a lower interest rate and still make the payment.

 

[firefly_ris]

We looked into this, some great rates right now, but we would have had to get a minimum of $125k mortgage in order to get the 2.5% rate and we owe much much less than that on the mortgage, so I didn't want to do that...decided to just continue making additional principal payments each month while we are able to cut down the interest payments for the long term and reduce the length of the loan that way. But in many cases I'm sure lots of people can benefit.

 

[John Purcell]

Would you guys mind sharing where you see those rates? Or if you have the bank/mortgage co info that would be great also!

I do follow bankrate, but with each inquiry you have to seel your soul to get the actual rates. I live in PA, btw.

Have a wonderful day!

Those rates I got were from Chase. But I got another rate from loan depot matching the 30 year, and 1.75 with 2,25 points on a 15(!) - you do need to haggle through... Not sure I’m allowed to name companies here or not(?).

 

[Alice Sr.]

We just locked at 2.25 no points for 15 year fixed on our first vacation property!

Did you finance it as a vacation home? I bought a vacation home last year and was told the vacation homes carry a higher interest rate. I would consider a refi at that rate but that seems more like the primary residence rate.? I would love to know what mtg company you used.

 

[Joe Brig]

How much are people playing in closing costs? I will only consider refinancing with 0 costs. That is 3.50% right now.

 

[Shelly F - Ohio]

How much are people playing in closing costs? I will only consider refinancing with 0 costs. That is 3.50% right now.

We paid $295.00 in closing cost with Third Federal Savings and Loan

 

[deide71]

How much are people playing in closing costs? I will only consider refinancing with 0 costs. That is 3.50% right now.

Our closing costs are about $2700 to get 2.5 % on a 15 year mortgage. No closing costs would add another 0.25-0.375. By my calculation we will recover the difference in 30 months.

 

[DisneyHardin]

hmmm Looks like we should be looking at refinancing. After doing some research I think we could easily take our 30 year with 27 years left down to a 15 with a lower interest rate and still make the payment.

We had 19 years of our 30 year left and a HELOC that we owed $6500 still on. We rolled the HELOC into the new loan and refinanced for 15 years and our payment went up about $50. We were at 4.65% and are now at 2.75%.

 

[mhamach]

Can you recommend a site or lender in MN that offers competitive rates AND closing cost? It seems that 2.5% rate for a 15-year REFI is hard to come by...

 

[tvguy]

Can you recommend a site or lender in MN that offers competitive rates AND closing cost? It seems that 2.5% rate for a 15-year REFI is hard to come by...

Any local mortgage broker in your area would be the best resource. But I would check with your current lender too. My daughter has been in her house just one year and her current lender is waiving all costs and no appraisal needed for a 2.6% 30 year refi.

 

[tvguy]

Like my 0% paid off debt free mortgages.

Yeah, me too. Been in the house 37 years. Been paid off 20 years. We JUMPED to buy a house in 1983 when mortgage rates fell to 12.25% for a 30. Refied at 9% on a 30, and then 6.25% on a 15. But we kept making the same dollar amount payment as with the original loan.
We took a lot of heat because were the first in our families NOT to pay cash for a house (or a car for that matter). My dad's motto was "if you can't pay cash, you can't afford it". My parents first house (almost a shack) in 1950 cost $2,500. Their first new car, a 1957 Chevy 150 (with no radio, no heat and no options) $1,250. But the gap between income and the cost of housing of cars was much smaller then.
And where you live make a difference. When my wife's Grandfather and Grandmother had to be moved to a nursing home, with Medicaid paying the tab, they had to sell their house for the appraisal Medicaid got,$12,000 . The neighbor who wanted it had offered $6,000 but finally coughed up the extra money. But $12,000 was probably high for a 1,000 square foot 2 bedroom house in Albion Illinois in 2000.