Mortgage Rates

[Tonkaman]

Did you have to do an appraisal?? How did that go with the unfinished bathroom?



I do a TON of work for them. Surprised I didn't get assigned your appraisal. Great people.


I guess both of you could have also got an appraisal waiver, and maybe didn't need an appraisal.

The loan officer basically said it was highly unusual to need an appraisal unless your cashing out 100% of the home value.

We were able to show comps around $180K above our loan amount, so there was no issue.

 

[Greg]

I just locked in a 20 yr refi @ 2.875% thru Box Home Loans, compared to our current 30 yr @ 3.875%. The new mortgage will be paid off faster and with less interest over time!

We could have done a 15 yr loan, but I think the 20 yr was a good all around compromise.

 

[Stephen]

I do a TON of work for them. Surprised I didn't get assigned your appraisal. Great people.


I guess both of you could have also got an appraisal waiver, and maybe didn't need an appraisal.

I did my original mortgage through them a year ago, so it was the first place I called and they offered the best rate. I've been happy with the experience for sure. And I have the same appraiser as last year as well, not sure why they needed to appraise it again. I guess I could argue that its not necessary? Never done a refi before, so not sure what is needed and whats not.

 

[SAMI]

We refi'd about a month ago, dropped a 4.25% 30yr to a fixed 3.2% 30yr. We went with Mountain America Credit Union.

Side bonus of refinancing is the 2mo of no mortgage payment.. Love that.

FWIW, Mountain America Credit Union does not require an appraisal unless you're pulling 90% from the property. AFCU cost $400-500 for a required appraisal.

 

[Houndoc]

Anyone else looking at refinancing? The Fed has been lowering interest rates and they keep trickling down.... looks like a 30 yr mortgage is around 3.15%. We're at 3.8% now, I'm going to look into a refi and see what kind of payment we'd end up with. It looks like we might be able to save $400/month, which would be worth it.

Refinanced last month. 15 year at 2.8%.

 

[Kiel]

Talked to my broker today and I'd only lose about 150 a month with about 3k in closing costs, going from 3.875 to 2.875. It would take me almost 3 years to get that cash back, so I was heads up to wait as they forsee 2.5 and lower come third quarter. We will see. If fees drop I may pull thr trigger

 

[Houndoc]

Talked to my broker today and I'd only lose about 150 a month with about 3k in closing costs, going from 3.875 to 2.875. It would take me almost 3 years to get that cash back, so I was heads up to wait as they forsee 2.5 and lower come third quarter. We will see. If fees drop I may pull thr trigger

Look more at term of loan than monthly payment. In the last couple of years we refinanced from a 30 to 20 and now 15 year loan. Payments have stayed basically flat each time, but home will be paid off 8 years earlier than if we had kept a 30. In our case that adds up to close to $250,000 savings over time.

 

[jeeper]

Look more at term of loan than monthly payment. In the last couple of years we refinanced from a 30 to 20 and now 15 year loan. Payments have stayed basically flat each time, but home will be paid off 8 years earlier than if we had kept a 30. In our case that adds up to close to $250,000 savings over time.

THIS.
I do so many appraisals on homes where the owners continue to do cash out refi's the whole time they live in the home. 40 years in, and they still have 28-30 years of mortgage payments ahead of them. One of the key elements to wealth is a paid off home.

 

[Kiel]

agreed it needs to be a long term investment, for that to work out, and I'm waiting for a better term so far.

 

[N-Smooth]

There are too many variables and different strategies to accumulate wealth to say not going for a shorter term is bad.

 

[jeeper]

There are too many variables and different strategies to accumulate wealth to say not going for a shorter term is bad.

Many ways to build wealth, yes. But the principles are universal. Less debt, faster. And sure, some people build wealth while borrowing millions and millions.. but for the other 99.9999999999999% of millionaires, it's pay of the house, save steadily.

 

[Spork]

Been looking at refinancing, actually pulling in numbers, right now I'm fed up enough I'm about ready to just stay with my current lender.

MACU wants $6443 to close on $110,000 borrowed, with other fees (insurance/taxes) it's gone up to $8000. At a 2% difference it will take 4 years just to get on the positive side of this transaction.

 

[Herzog]

Been looking at refinancing, actually pulling in numbers, right now I'm fed up enough I'm about ready to just stay with my current lender.

MACU wants $6443 to close on $110,000 borrowed, with other fees (insurance/taxes) it's gone up to $8000. At a 2% difference it will take 4 years just to get on the positive side of this transaction.

Wow damn, they are taking advantage aren't they.

 

[Hickey]

Ugh. We were happy with the last two mortgages using MACU, but they're just getting greedy.

 

[jeeper]

Call Brent Horrocks at Olympus funding.

Olympus Funding

Olympus Funding is your mortgage solution in Utah. We specialize in purchase, refinance and construction loans. We want to be your mortgage broker.

www.olympusfunding.com

 

[Jinx]

America First is showing .5% orgination fees. I just signed paperwork and it was $3200ish for closing cost not counting esgrow stuff...

 

[benjy]

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.

 

[mbryson]

We haven't even made a payment and I think I should start shopping our loan?

 

[nnnnnate]

I'm not sure if it's accurate or industry wide but I heard that your broker doesn't get his commission if you don't keep the loan for 6 months. Apparently I hosed my initial lender at this current house because I we lasted like 3 months.

 

[Kiel]

My broker gets paid at 6 months. But that doesn't keep me from refinancing with him, on his opinion or mine