usctrojancpa
Well-known member
Cornflakes said:
Never, ever pay points for a loan whether it be a purchase loan or a refi. You should collect about a 1/2pt credit to pay for the closing costs.
How low can we go? 30 yr fixed at 3.75% with no fees...
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Never, ever pay points for a loan whether it be a purchase loan or a refi. You should collect about a 1/2pt credit to pay for the closing costs.
Exactly this, my belief is to never pay points. Think time value of money. You always rather have credit towards closing costs meaning you keep cash on hand. Plus you never know how rates will behave in 3, 5, 7 years and what if you're paying points and rates drop even more?
Those rates aren't high but they aren't low either. I referred someone to refi 3.25% 30 year fixed no point no fee with appraisal credited. They are advertising 4% with $995 fee?
I refi'd one of my investment properties at 4% 30 fixed no point no fees including appraisal too.
I've refi'd and used them for initial loans many times.. both through a broker and direct on the website. The rates are very low and they are very efficient in processing your loan. The only downside with them is the amount of documentation and clarification you need with them. If you have a clean financial profile, there should be no issues.
It's owning.com Looks like their rate today is 3.50% fixed for a 30-year confirming refi. Doesn't look like they do jumbos.
Never, ever pay points for a loan whether it be a purchase loan or a refi. You should collect about a 1/2pt credit to pay for the closing costs.
USCTrojanCPA said:
Exactly this, my belief is to never pay points. Think time value of money. You always rather have credit towards closing costs meaning you keep cash on hand. Plus you never know how rates will behave in 3, 5, 7 years and what if you're paying points and rates drop even more?
Cornflakes
Active member
Good points.
Would some of you share some tips on how to find a lender to work with? I got a portfolio 30 yr fix conv loan last year for over 4%. I'm thinking it may be a good idea to refi. Asked the LO who helped us out last year and he came back to me saying the bank has offered to adjust our rate to 3.8 for a few hundred dollars. Based on random online calculators it sounds like I could do better.
At the same time it seems like a the refi process may be alot more work.
At the same time it seems like a the refi process may be alot more work.
Cornflakes
Active member
Find a mortgage broker that can sell your loan eventually in the secondary market. They are more flexible.
Estimate how many hours will you put in for refi and the savings over a period of x. If you come out ahead of your current hourly earnings, I'd say go refi.
Estimate how many hours will you put in for refi and the savings over a period of x. If you come out ahead of your current hourly earnings, I'd say go refi.
potsticker
Active member
Give CashCall a call. I closed in less than 3 weeks and they waived their origination fee making it a free refi for me. Super easy and everyone is located here in the OC.
https://cashcallmortgage.com/advertisedrates
https://cashcallmortgage.com/advertisedrates
irvinehomeowner
Well-known member
Is it true CashCall also has no appraisal fee?
Every refi I've done, we've always had to pay the appraisal fee although the credit usually covers it.
Every refi I've done, we've always had to pay the appraisal fee although the credit usually covers it.
potsticker
Active member
Cashcall said they'd cover the appraisal fee 100% when I started with them. They ended up getting an appraisal waiver as there were recent sales in my area that was sufficient for comps.
best_potsticker_in_town said:
Those rates aren't high but they aren't low either. I referred someone to refi 3.25% 30 year fixed no point no fee with appraisal credited. They are advertising 4% with $995 fee?
I refi'd one of my investment properties at 4% 30 fixed no point no fees including appraisal too.
potsticker
Active member
How much was the loan amount? The banks can usually do better than advertised rates if the loan amount enters jumbo territory and becomes a portfolio loan.
I'm not affiliated with cash call in any way. Just want to share my experience and that I was thoroughly impressed with the speed and response times of everyone that I worked with. Bottom line, if you bought a home in 2017 or 2018 when rates were higher, now is a good time to at least consider if a refi makes sense.
I'm not affiliated with cash call in any way. Just want to share my experience and that I was thoroughly impressed with the speed and response times of everyone that I worked with. Bottom line, if you bought a home in 2017 or 2018 when rates were higher, now is a good time to at least consider if a refi makes sense.
irvinehomeowner
Well-known member
How about owing.com?
I hear their commercials on the radio quite a bit.
I hear their commercials on the radio quite a bit.
woodburyowner
Well-known member
JohnT said:
I've refi'd and used them for initial loans many times.. both through a broker and direct on the website. The rates are very low and they are very efficient in processing your loan. The only downside with them is the amount of documentation and clarification you need with them. If you have a clean financial profile, there should be no issues.
usctrojancpa
Well-known member
The 10-year bond hit 2.02% today after the Fed meeting so we are definitely heading below 2% very soon. I can see the 30-year fixed rate going to 3% in the near term.
usctrojancpa
Well-known member
irvinehomeowner said:
It's owning.com Looks like their rate today is 3.50% fixed for a 30-year confirming refi. Doesn't look like they do jumbos.