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Refi's

ferris1248ferris1248 Posts: 7,963 Moderator
Just locked in with a 2.5% on a 15 year for the primary residence. 

On some commercial property, they're talking about 3.85% for 10 years on a 15 or 20 year amortization. 

"That which is hateful to you, do not do to your fellow. That is the whole of the law. The rest is commentary."

Rabbi Hillel (c20 BCE)

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Replies

  • Tarpon65Tarpon65 Posts: 6,582 Admiral
    That's a great rate.  Do you mind saying what bank or credit union you're going through? 
    Always Do Sober What You Said You'd Do Drunk. That Will Teach You To Keep Your Mouth Shut. - Ernest Hemingway
  • ferris1248ferris1248 Posts: 7,963 Moderator
    The primary residence rate is a streamline deal through Mr. Cooper who already has the note. 

    The commercial rate is through CenterState Bank. If you're looking commercial, PM me and I'll give you the the rep I'm working with. 

    "That which is hateful to you, do not do to your fellow. That is the whole of the law. The rest is commentary."

    Rabbi Hillel (c20 BCE)

  • SC53SC53 Posts: 565 Officer
    We closed about 3 weeks ago at 3.15% on a 20 year with Fairwinds Credit Union. 
  • SkibletSkiblet Posts: 64 Deckhand
    Mortgage Rates are the lowest I have seen in over 20 years that I have been in the business.  Rate's are dependent the borrowers credit score, loan to value, type of financing, type of mortgage and term.  I locked someone in last week 2.75% for 30 year term.
  • Big MakBig Mak Posts: 3,389 Captain
    edited May 18 #6
    I actually locked in a refi at 3%  for  10 year term 14 months ago on my primary. It knocked 10 years off and I'm going to save a considerable amount of cash. I'm likely gonna have to ride that horse to the finish line.
  • mplspugmplspug Palmetto FloridaPosts: 11,904 AG
    edited May 16 #7
    I should talk with Mr Cooper now.  My nephew who is a mortgage guy tried getting me to refi a couple months ago when rates were dropping.

    Sure as heck aren't going to have this opportunity for years.

    Captain Todd Approves

  • ferris1248ferris1248 Posts: 7,963 Moderator
    mplspug said:
    I should talk with Mr Cooper now.  My nephew who is a mortgage guy tried getting me to refi a couple months ago when rates were dropping.

    Sure as heck aren't going to have this opportunity for years.
    Are you with Mr Cooper now?

    "That which is hateful to you, do not do to your fellow. That is the whole of the law. The rest is commentary."

    Rabbi Hillel (c20 BCE)

  • AC ManAC Man Posts: 6,151 Admiral
    Just locked in with a 2.5% on a 15 year for the primary residence. 

    On some commercial property, they're talking about 3.85% for 10 years on a 15 or 20 year amortization. 
    At retirement age I would hope I wouldn't have a mortgage on my primary residence unless it was because I had some other Investments in real estate making me money. I give up on my rentals, going to sell and check out. I'm going for no debt


  • mplspugmplspug Palmetto FloridaPosts: 11,904 AG
    mplspug said:
    I should talk with Mr Cooper now.  My nephew who is a mortgage guy tried getting me to refi a couple months ago when rates were dropping.

    Sure as heck aren't going to have this opportunity for years.
    Are you with Mr Cooper now?
    Yes.  They had been sending stuff about refis.  The mortgage has changed twice being resold and we are now with that Cooper guy.

    Captain Todd Approves

  • dave44dave44 Posts: 11,146 AG
    Mortgage rates have been pretty volatile for the last few months. As long as you pay points and or closing costs you can get a decent rate.  
  • mplspugmplspug Palmetto FloridaPosts: 11,904 AG
    edited May 17 #12
    Maybe a cab put the stimulus moneytmoney part of the closing costs on a refi!  #winning. 

    Or maybe I wait for the next round of stimulus and pay for it all!

    Captain Todd Approves

  • IslandthymeIslandthyme FloridaPosts: 137 Deckhand
    edited May 17 #13
    Got 2.85 % 15 years primary residence a month ago. Suncoast Schools Federal Credit Union. No points. 
  • AC ManAC Man Posts: 6,151 Admiral
    dave44 said:
    Mortgage rates have been pretty volatile for the last few months. As long as you pay points and or closing costs you can get a decent rate.  
    What about these loans I hear on the radio that say they have the lowest rate possible and you pay no closing cost at all. No points no nothing and it is not in your loan. Their slogan is this the biggest no-brainer in the history of the world. Is this true or BS?
  • dave44dave44 Posts: 11,146 AG
    edited May 17 #15
    AC Man said:
    dave44 said:
    Mortgage rates have been pretty volatile for the last few months. As long as you pay points and or closing costs you can get a decent rate.  
    What about these loans I hear on the radio that say they have the lowest rate possible and you pay no closing cost at all. No points no nothing and it is not in your loan. Their slogan is this the biggest no-brainer in the history of the world. Is this true or BS?
    There are legitimate companies that do this. You Obviously need to research them pretty well first. We use Cap Center in Virginia.
        Points and closing are used to fund your rate. 

  • ferris1248ferris1248 Posts: 7,963 Moderator
    mplspug said:
    mplspug said:
    I should talk with Mr Cooper now.  My nephew who is a mortgage guy tried getting me to refi a couple months ago when rates were dropping.

    Sure as heck aren't going to have this opportunity for years.
    Are you with Mr Cooper now?
    Yes.  They had been sending stuff about refis.  The mortgage has changed twice being resold and we are now with that Cooper guy.
    Call Aaron Clay. 972.956.6382 He's with Mr. Cooper and can run your numbers to see if it makes sense. If it does, all you have to do is provide your last pay stub and your 2019 W-2. No other paperwork requested.  It'll cost you some upfront money but they roll it in. My payback was 7 months. 

    "That which is hateful to you, do not do to your fellow. That is the whole of the law. The rest is commentary."

    Rabbi Hillel (c20 BCE)

  • ferris1248ferris1248 Posts: 7,963 Moderator
    AC Man said:
    Just locked in with a 2.5% on a 15 year for the primary residence. 

    On some commercial property, they're talking about 3.85% for 10 years on a 15 or 20 year amortization. 
    At retirement age I would hope I wouldn't have a mortgage on my primary residence unless it was because I had some other Investments in real estate making me money. I give up on my rentals, going to sell and check out. I'm going for no debt





    The last couple years I've gotten rid of just about all debt except the primary residence and some warehouses I own. I've got the money to pay them off but with money this cheap I'd rather keep that cash on hand and liquid in these weird times. 

    "That which is hateful to you, do not do to your fellow. That is the whole of the law. The rest is commentary."

    Rabbi Hillel (c20 BCE)

  • Big MakBig Mak Posts: 3,389 Captain
    SO, WHAT IS THE CONSENSUS ON MORTGAGES AND REFI'S GOING FORWARD, SHORT TERM?  I'M VERY CURIOUS BECAUSE I HAVE SEVERAL YOUNGSTERS WORKING FOR ME WHO ARE TINGLING TO JUMP INTO THEIR FIRST HOME OWNERSHIP.  SO FAR I HAVE BASICALLY WARNED THEM OF THE PITFALLS, ESPECIALLY IN SUCH A UNPRECEDENTED CLIMATE, WHILE EXTOLLING THE VIRTUES OF CHEAP MONEY.  HAVING SAID THAT, AFTER THIS LATEST CRISIS, MY PRIORITY IS GOING TO BE BUSTING MY BUTT TO BE DEBT FREE BEFORE I AM 60 (7 YEARS). NATURALLY, THEY HAVE TIME ON THEIR SIDES TO RECOVER FROM CATASTROPHIC LOSS, AND THAT IS A HUGE FACTOR, BUT I KEEP TELLING THEM THAT THERE ARE A HOST OF UNKNOWNS (AS THERE ALWAYS ARE) AND I AM NOT SURE I WOULD WANT TO BE ON THE HOOK FOR A BIG MORTGAGE.  I HAVE ALSO TOLD THEM NOT TO GO OVERBOARD AND INSTEAD BUY WHAT THEY CAN HONESTLY AFFORD, AS A MAJOR RULE OF THUMB.  

    OBVIOUSLY, LONG TERM, I THINK WE KNOW WHERE WE WILL BE.
  • james 14james 14 Posts: 3,070 Moderator
    I'm getting 2.625 for 10 years.

    @Big Mak buying is not a huge risk if they buy what they can afford...and right now they'll be able to afford much more than they could 3 months ago. Yes, there are risks but I wouldn't say they're any worse than normal...especially if they still have a job at this point in the crisis.
  • mplspugmplspug Palmetto FloridaPosts: 11,904 AG
    Thanks @ferris1248 I'll give him a call and see if it makes sense.

    Captain Todd Approves

  • micci_manmicci_man Somewhere in FLPosts: 14,472 AG
    Big Mak said:
    SO, WHAT IS THE CONSENSUS ON MORTGAGES AND REFI'S GOING FORWARD, SHORT TERM?  I'M VERY CURIOUS BECAUSE I HAVE SEVERAL YOUNGSTERS WORKING FOR ME WHO ARE TINGLING TO JUMP INTO THEIR FIRST HOME OWNERSHIP.  SO FAR I HAVE BASICALLY WARNED THEM OF THE PITFALLS, ESPECIALLY IN SUCH A UNPRECEDENTED CLIMATE, WHILE EXTOLLING THE VIRTUES OF CHEAP MONEY.  HAVING SAID THAT, AFTER THIS LATEST CRISIS, MY PRIORITY IS GOING TO BE BUSTING MY BUTT TO BE DEBT FREE BEFORE I AM 60 (7 YEARS). NATURALLY, THEY HAVE TIME ON THEIR SIDES TO RECOVER FROM CATASTROPHIC LOSS, AND THAT IS A HUGE FACTOR, BUT I KEEP TELLING THEM THAT THERE ARE A HOST OF UNKNOWNS (AS THERE ALWAYS ARE) AND I AM NOT SURE I WOULD WANT TO BE ON THE HOOK FOR A BIG MORTGAGE.  I HAVE ALSO TOLD THEM NOT TO GO OVERBOARD AND INSTEAD BUY WHAT THEY CAN HONESTLY AFFORD, AS A MAJOR RULE OF THUMB.  

    OBVIOUSLY, LONG TERM, I THINK WE KNOW WHERE WE WILL BE.
    Quit yelling Mak!!!!!

    Just went from 4.5 to 2.357 fixed on a 15 mortgage. Payment went up $215 a month. Had 29 more years to pay on the house we just built! First Commerce Credit Union. 
    Common Sense can't be bought, taught or gifted, yet it is one of the few things in life that is free, and most refuse to even attempt to possess it. - Miguel Cervantes
  • cadmancadman Home of the Gators Posts: 31,725 AG
    micci_man said:
    Big Mak said:
    SO, WHAT IS THE CONSENSUS ON MORTGAGES AND REFI'S GOING FORWARD, SHORT TERM?  I'M VERY CURIOUS BECAUSE I HAVE SEVERAL YOUNGSTERS WORKING FOR ME WHO ARE TINGLING TO JUMP INTO THEIR FIRST HOME OWNERSHIP.  SO FAR I HAVE BASICALLY WARNED THEM OF THE PITFALLS, ESPECIALLY IN SUCH A UNPRECEDENTED CLIMATE, WHILE EXTOLLING THE VIRTUES OF CHEAP MONEY.  HAVING SAID THAT, AFTER THIS LATEST CRISIS, MY PRIORITY IS GOING TO BE BUSTING MY BUTT TO BE DEBT FREE BEFORE I AM 60 (7 YEARS). NATURALLY, THEY HAVE TIME ON THEIR SIDES TO RECOVER FROM CATASTROPHIC LOSS, AND THAT IS A HUGE FACTOR, BUT I KEEP TELLING THEM THAT THERE ARE A HOST OF UNKNOWNS (AS THERE ALWAYS ARE) AND I AM NOT SURE I WOULD WANT TO BE ON THE HOOK FOR A BIG MORTGAGE.  I HAVE ALSO TOLD THEM NOT TO GO OVERBOARD AND INSTEAD BUY WHAT THEY CAN HONESTLY AFFORD, AS A MAJOR RULE OF THUMB.  

    OBVIOUSLY, LONG TERM, I THINK WE KNOW WHERE WE WILL BE.
    Quit yelling Mak!!!!!

    Just went from 4.5 to 2.357 fixed on a 15 mortgage. Payment went up $215 a month. Had 29 more years to pay on the house we just built! First Commerce Credit Union. 
    Now that is a smart refi. 
    Imagine the money you will save. 

    Mini Mart Magnate

    I am just here for my amusement. 

  • Gary SGary S Posts: 2,136 Captain
    Big Mak a friend advised me in 1983 to buy more house than your comfortable buying because you will be making more money in the future and life will get easier. I bought his house on a acre and a half of land with a 3/1 and a pole barn. Price was $8500.00. I got paid every 2 weeks and one check would not make the payment of $763.60. It was tough at first but I survived, longer than the house as it was destroyed by Andrew. But I'm still on the property debt free with a newer house and new pole barn.
  • ferris1248ferris1248 Posts: 7,963 Moderator
    micci_man said:
    Big Mak said:
    SO, WHAT IS THE CONSENSUS ON MORTGAGES AND REFI'S GOING FORWARD, SHORT TERM?  I'M VERY CURIOUS BECAUSE I HAVE SEVERAL YOUNGSTERS WORKING FOR ME WHO ARE TINGLING TO JUMP INTO THEIR FIRST HOME OWNERSHIP.  SO FAR I HAVE BASICALLY WARNED THEM OF THE PITFALLS, ESPECIALLY IN SUCH A UNPRECEDENTED CLIMATE, WHILE EXTOLLING THE VIRTUES OF CHEAP MONEY.  HAVING SAID THAT, AFTER THIS LATEST CRISIS, MY PRIORITY IS GOING TO BE BUSTING MY BUTT TO BE DEBT FREE BEFORE I AM 60 (7 YEARS). NATURALLY, THEY HAVE TIME ON THEIR SIDES TO RECOVER FROM CATASTROPHIC LOSS, AND THAT IS A HUGE FACTOR, BUT I KEEP TELLING THEM THAT THERE ARE A HOST OF UNKNOWNS (AS THERE ALWAYS ARE) AND I AM NOT SURE I WOULD WANT TO BE ON THE HOOK FOR A BIG MORTGAGE.  I HAVE ALSO TOLD THEM NOT TO GO OVERBOARD AND INSTEAD BUY WHAT THEY CAN HONESTLY AFFORD, AS A MAJOR RULE OF THUMB.  

    OBVIOUSLY, LONG TERM, I THINK WE KNOW WHERE WE WILL BE.
    Quit yelling Mak!!!!!

    Just went from 4.5 to 2.357 fixed on a 15 mortgage. Payment went up $215 a month. Had 29 more years to pay on the house we just built! First Commerce Credit Union. 
    You will be amazed how quickly your principal drops compared to the 30 year deal.

    "That which is hateful to you, do not do to your fellow. That is the whole of the law. The rest is commentary."

    Rabbi Hillel (c20 BCE)

  • Big MakBig Mak Posts: 3,389 Captain
    That has always been my philosophy as well, within reason. I'm just concerned these youngsters are going to bite off more than they can comfortably chew, for too long. Really, I keep telling them it's about proper timing and boiling down to attractive interest rates. I'm thinking it's about time to tell them to pull the trigger.
    Big Mak a friend advised me in 1983 to buy more house than your comfortable buying because you will be making more money in the future and life will get easier. I bought his house on a acre and a half of land with a 3/1 and a pole barn. Price was $8500.00. I got paid every 2 weeks and one check would not make the payment of $763.60. It was tough at first but I survived, longer than the house as it was destroyed by Andrew. But I'm still on the property debt free with a newer house and new pole barn.
  • Soda PopinskiSoda Popinski GrovelandPosts: 12,703 AG
    I have heard more than a few people say there's more money to be made in a down economy than in a good one. 
    You don't need fun to have alcohol
  • johnpowersjohnpowers BayPosts: 2,898 Captain
    I have heard more than a few people say there's more money to be made in a down economy than in a good one. 
    As long as you have a job and income and low debt you can make a killing in a down economy. 
     I was taught a long time ago to not participate in recessions. 
  • mplspugmplspug Palmetto FloridaPosts: 11,904 AG
    mplspug said:
    Thanks @ferris1248 I'll give him a call and see if it makes sense.
    Well your guy took a week to respond.  I just happened to call MR C. directly yesterday morning. It looks like I'll get a decent knock down on my monthly payment, especially since I am sticking with a 30 year.   I really wish I was in a position for a 15 year term. 

    I am not counting my chickens until I have it all signed.  They are so backed up it is taking up to 60 days to process.  Yes, you get locked in, but things can happen in 60 days.  I got the last of the paperwork in.  I hope it all goes through before the Feds talk this afternoon.  Who knows what that could do.  

    Captain Todd Approves

  • micci_manmicci_man Somewhere in FLPosts: 14,472 AG
    Once we e signed we were locked for good. Finally got the call to come in yesterday and put ink on paper, nothing changed for us.
    Common Sense can't be bought, taught or gifted, yet it is one of the few things in life that is free, and most refuse to even attempt to possess it. - Miguel Cervantes
  • Tarpon65Tarpon65 Posts: 6,582 Admiral
    I ended up calling Mr Cooper as well, but decided to go with my local credit union, Achieva.  Got a rate of 2.875% for a 15 year.  Appraiser is coming Friday but house is worth close to twice what I am financing so there should be no issues.  
    Always Do Sober What You Said You'd Do Drunk. That Will Teach You To Keep Your Mouth Shut. - Ernest Hemingway
  • anglerplusanglerplus MiccoPosts: 466 Deckhand
    edited June 11 #31
    Just got 3.3% for 20 years on 149 acres. 
    Winning

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