Mortgage Rates

[Greg]

Just locked 2.25% (2.4 APR) with Box, closing costs $4k on a 15 year. Hard to imagine rates going much lower, but I guess there has been talk of negative interest rates.

Thanks to whoever mentioned box home loans, I looked into b/c of this thread. Super user friendly and quick response time.

Damn, that's an amazing rate!! We're still working on the process with Box for our refi, so far they've been great.

 

[TurboMinivan]

For a while now, I've been thinking about a re-fi to drop my rate and term (currently at 3.875% on a 30-yr). Because of this thread, I have on occasion checked Box's web site and they do seem to have good rates. Today I just checked it again, and their best listed rate for 20yr term is 2.883% APR. Not bad. Out of curiosity, I decided to check America First's web site since they have my current loan. To my surprise, they currently show 2.7284% APR on a 20yr fixed. Wow.

Looks like I'm gonna stop by my local AFCU branch later today and start the process.

 

[Jinx]

For a while now, I've been thinking about a re-fi to drop my rate and term (currently at 3.875% on a 30-yr). Because of this thread, I have on occasion checked Box's web site and they do seem to have good rates. Today I just checked it again, and their best listed rate for 20yr term is 2.883% APR. Not bad. Out of curiosity, I decided to check America First's web site since they have my current loan. To my surprise, they currently show 2.7284% APR on a 20yr fixed. Wow.

Looks like I'm gonna stop by my local AFCU branch later today and start the process.

Dempsey, you might save some time and just call them. They will send you to a website to fill out the application.

 

[Kiel]

Has anybody ever done an inhouse refi through their same company or bank their mortgage is with? Like a streamlined mortage. I wonder if they'd consider that to just not lose the loan or deal with the processing

 

[Tonkaman]

How often can a person refinance? Isn’t there a minimum amount of time between?

 

[jeeper]

How often can a person refinance? Isn’t there a minimum amount of time between?

No time requirements... at least that I’ve ever heard of

 

[N-Smooth]

Has anybody ever done an inhouse refi through their same company or bank their mortgage is with? Like a streamlined mortage. I wonder if they'd consider that to just not lose the loan or deal with the processing

I did with Provident and it was not streamlined at all. I thought they'd require less info and documentation from me since I have been with them for years but I think the underwriter just has to get what they need. I'm doing another refi but this time with Box and it's the same amount of work but they make it easier tbh

 

[Hickey]

Has anybody ever done an inhouse refi through their same company or bank their mortgage is with? Like a streamlined mortage. I wonder if they'd consider that to just not lose the loan or deal with the processing

I did that with Mountain America. It didn't seem like they cared if we went somewhere else or stayed with them.

 

[Kiel]

Yeah I was with provident on 2 mortgages then 2 refinances and they are def difficult. The sugarhouse home is with caliber and its been very easy. Didn't even appraise when I refinanced to single owner.

 

[Corban_White]

Has anybody ever done an inhouse refi through their same company or bank their mortgage is with? Like a streamlined mortage. I wonder if they'd consider that to just not lose the loan or deal with the processing

I did a no closing cost refi with AFCU a few years ago. It's basically a home equity loan that you pay off your mortgage with. So then you don't have escrow anymore and have to take care of your own insurance and taxes every year. NBD for me since I'll be doing that in 3 years when it's paid off anyway. Super easy paperwork but I'm sure the LTV has to be pretty favorable to go that route.

 

[Kiel]

My broker hit me up with an inhouse streamlined refinance today for a 30, and ye didn't care if I refinanced in 2 more months if it dipped. 3.375. No fees, so I drop .5 for free other then supplying a couple pay stubs. Stick with the same company, save about 125 a month

 

[mesha]

I did a no closing cost refi with AFCU a few years ago. It's basically a home equity loan that you pay off your mortgage with. So then you don't have escrow anymore and have to take care of your own insurance and taxes every year. NBD for me since I'll be doing that in 3 years when it's paid off anyway. Super easy paperwork but I'm sure the LTV has to be pretty favorable to go that route.

We did this same loan a few years ago with AFCU. It was super easy, cheap, and fast. One of the best decisions I have made for my house.

 

[Kiel]

They're friends of ours and our other friend owns the title company so I know I'm good. I did notice that box loans has a notice due to over welming demand they bumped their rates for 2 weeks to slow down people and give better customer service on their backlog

 

[jeeper]

I got told yesterday that the gov has put restrictions on self employed people, and that I cannot refi. Haven't verified with anyone else..

 

[Gravy]

I got told yesterday that the gov has put restrictions on self employed people, and that I cannot refi. Haven't verified with anyone else..

I will vouch for this as a multiple small business owner with money in the bank, only mortgage debt and 815+ credit score. I was turned down on a small HELOC (my house is valued at more than double what I owe). They are getting really strict I'm told.

 

[Stephen]

I finalized my refi with UUCU last month (15-year @ 2.375%). Today I get an unsolicited e-mail from my original mortgage broker with UUCU from when I bought my house a year ago saying, "If you're interested in refinancing, we have 15-year mortgages at 2% if you're interested!"
I mean, that's crazy. But is it worth it to go through all the paperwork ect. again just to save .375%? What say you RME experts?

 

[Troop92]

I finalized my refi with UUCU last month (15-year @ 2.375%). Today I get an unsolicited e-mail from my original mortgage broker with UUCU from when I bought my house a year ago saying, "If you're interested in refinancing, we have 15-year mortgages at 2% if you're interested!"
I mean, that's crazy. But is it worth it to go through all the paperwork ect. again just to save .375%? What say you RME experts?

Not if the fees are crazy, no.

 

[TRD270]

I finalized my refi with UUCU last month (15-year @ 2.375%). Today I get an unsolicited e-mail from my original mortgage broker with UUCU from when I bought my house a year ago saying, "If you're interested in refinancing, we have 15-year mortgages at 2% if you're interested!"
I mean, that's crazy. But is it worth it to go through all the paperwork ect. again just to save .375%? What say you RME experts?

Streamline with no fees and paperwork is only hassle? Probably, otherwise I’d say no especially on a 15 year

 

[Pike2350]

You'd dave roughly $45/month or every 250k financed. Over the life of the mortgage you'd save $8100 in interest. If the fees are lower then that it might be worth it.

 

[TurboMinivan]

Way back on June 29th I said:

For a while now, I've been thinking about a re-fi to drop my rate and term (currently at 3.875% on a 30-yr thanks to cashing out my ex).

Out of curiosity, I decided to check America First's web site since they have my current loan. To my surprise, they currently show 2.7284% APR on a 20yr fixed. Wow.

I did eventually stop by AFCU to get an estimate on my closing costs and such, but I didn't actually begin the re-fi process. A co-worker suggested I call the guy he had recently used to set up his mortgage, so I did... and he had access to a slightly better rate and also about a grand less in closing costs. Sounds great, I thought...

and then I did nothing.

Until now. These low rates aren't going to stay around forever, and I've already been overpaying my current loan to accelerate its payoff, so I might as well save some money. This week I actually started the process. I've decided to drop to a 15-year term (rather than 20 as originally planned), and the current rate is only 2.250%. Cha-ching!