OT: Current Refinance Rates

[Crazy Cotton]

If you're in a good market, ask that the appraisal is waived. They did that for us over a year ago because of rising home prices in our area. Saved some cash and headache.

 

[ckDOG]

No appraisal

If you're in a good market, ask that the appraisal is waived. They did that for us over a year ago because of rising home prices in our area. Saved some cash and headache.

Good market with a lot of appreciation. LTV is about 64% based on the value they assigned it (pretty close to recent comps so seems reasonable based on recent info I have). They must not be too concerned with the zip code so are passing on the appraisal process. Surprised me when the loan officer said that, but I'm not complaining.

 

[greenbean.sixpack]

Refinancing the home from 30 year note to 15.

Have a quote from my existing lender - Stated Interest Rate: 1.75% APR works out to 2.366%. Should be saving 115k loan vs loan.

I'm very happy with my current lender and the process to get this done is going to be very simple (knock on wood) and likely knocked out before the end of the year. So there's some intangible value staying with current lender as well.

Question: take that and run with it or keep looking because I'm leaving good money on the table?

Full disclosure: Ran the numbers on refinance vs invest lower payments. Market would have to be pretty hot over 15 years and I'm more in this for the psychological benefit of paying off my mortgage when my daughter graduates high school.

We refinanced with the same lender, they promptly sold our mortgage.

 

[stateguy]

Look at better.com.
Didn’t have to get appraisal. Told them price I paid in 2018 and new zillow estimate and they used zillow #
Process was pretty smooth.
Have read people getting $2000 toward closing if you have American Express card. Not sure if deal is ongoing

With stated rate is 1.75% and apr is 2.36- seems like their fees or extras on the estimated costs are pretty high.

 

[Dawgtini]

I deal with Quicken loans all the time. Odds are the process will suck. And suck hard. All the big banks typically suck when it comes to hitting the timeframes within a contract. To your point, a refi is a little different because you aren't competing with anyone. That being said, I still wouldn't trust them to get a competent appraiser, especially in a growing rural market where comps are lacking.

With that being said, no lending institution is as bad as Navy Federal.

Just did a refi from 20 to 12 with Rocket/Quicken and must say, they found an awesome rural appraisal company. I live behind the sticks. Always had troubles with comps. This guy was aces. It can be done. Payment went up a wee bit but shaved off 8 years and rate is below 2%. Finally a refi that was "worth it". That being said, I shortened the term to pay it off. Spent years "going to" invest difference, but life with 6 kids gets busy. Now it's a flat get-r-done plan.

 

[wsjmsu75]

Just did a refi from 20 to 12 with Rocket/Quicken and must say, they found an awesome rural appraisal company. I live behind the sticks. Always had troubles with comps. This guy was aces. It can be done. Payment went up a wee bit but shaved off 8 years and rate is below 2%. Finally a refi that was "worth it". That being said, I shortened the term to pay it off. Spent years "going to" invest difference, but life with 6 kids gets busy. Now it's a flat get-r-done plan.

You did good. When I first moved into my current house in 1995, I messed around with variable rate 30 year mortgages, but finally took out a 15 year fixed in 2003. One of the best financial decisions I've ever made.

 

[ckDOG]

I did check them out quickly

Look at better.com.
Didn’t have to get appraisal. Told them price I paid in 2018 and new zillow estimate and they used zillow #
Process was pretty smooth.
Have read people getting $2000 toward closing if you have American Express card. Not sure if deal is ongoing

With stated rate is 1.75% and apr is 2.36- seems like their fees or extras on the estimated costs are pretty high.

I like the idea of them and the prelim quotes I got were pretty comparable to existing lender. But I'll give it a deeper dive with your rec. Thanks for the input.

 

[wsjmsu75]

Refi to 30. Insure it and burn it when you want out. Be sure to maintain "fake life keepsakes" to replace you real goods, so nobody knows you burn it. You screw the bank and the insurance company.

And after all that, Better Call Saul.

 

[Leeshouldveflanked]

Mine is paid for and no amount of money in the bank can replace that.

Yep, I am Thankful my house and land are paid for.

 

[Nunya.sixpack]

Just did a refi from 20 to 12 with Rocket/Quicken and must say, they found an awesome rural appraisal company. I live behind the sticks. Always had troubles with comps. This guy was aces. It can be done. Payment went up a wee bit but shaved off 8 years and rate is below 2%. Finally a refi that was "worth it". That being said, I shortened the term to pay it off. Spent years "going to" invest difference, but life with 6 kids gets busy. Now it's a flat get-r-done plan.

We refi'd through rocket and they call 2 times a month trying to get us to refi again with little or no change in the percentage. It's like submitting to a spammer.