Any mortgage experts on the forums?

[am32]

https://www.housingwire.com/articles/super-low-interest-rates-disappear-from-mortgage-comparison-sites/

I work for a mortgage company and can confirm that we are doing this.  If you are looking to refi (you should be) send me a PM and I can help.

[Naftuli19]

Aimloan.com is my personal favorite. They're super transparent.

https://www.housingwire.com/articles/super-low-interest-rates-disappear-from-mortgage-comparison-sites/

i have gotten way better rates than this site offers like 3.65 vs 3.125

[davidd75]

whats the conventional wisdom regarding when to refinance.  How much of an interest decrease is it worth it to refinance if just looking to lower payments considering the costs of lender fees, thirst party fees and points.  I have 3% fixed already on a 15 year loan.

[Naftuli19]

whats the conventional wisdom regarding when to refinance.  How much of an interest decrease is it worth it to refinance if just looking to lower payments considering the costs of lender fees, thirst party fees and points.  I have 3% fixed already on a 15 year loan.

i have 3.99 and to Refi with 3.125 i would save myself around $170 - $220 per month after all the fees, this is for a 30y

[ltttc]

whats the conventional wisdom regarding when to refinance.  How much of an interest decrease is it worth it to refinance if just looking to lower payments considering the costs of lender fees, thirst party fees and points.  I have 3% fixed already on a 15 year loan.

Really an individual question and depends on several factors: How many yrs do you have left on your mortgage, Are you looking to lower your monthly payments (extra cash e/month) or to finish paying off your loan in the shortest amount of time. Ultimately it's a $$$ game in which you have to calculate which way will save you the most short and long term.

[am32]

Really an individual question and depends on several factors: How many yrs do you have left on your mortgage, Are you looking to lower your monthly payments (extra cash e/month) or to finish paying off your loan in the shortest amount of time. Ultimately it's a $$$ game in which you have to calculate which way will save you the most short and long term.

Agreed.  A good mortgage banker can help you with this and explain to you if you will save money in the long run.

[ckmk47]

i have 3.99 and to Refi with 3.125 i would save myself around $170 - $220 per month after all the fees, this is for a 30y

So "around $170 - $220 per month " x 12 (months/year) x 30 (years).+ = your savings.
except: How many years left on your current mortgage?  If you have 5 years left, then converting to 30 years of payments is costing more in the  long run.


So look at Total left to be paid on your current mortgage VS Total that will need to be paid if you refinance (include fees). Then you can evaluate.

[Naftuli19]

So "around $170 - $220 per month " x 12 (months/year) x 30 (years).+ = your savings.
except: How many years left on your current mortgage?  If you have 5 years left, then converting to 30 years of payments is costing more in the  long run.


So look at Total left to be paid on your current mortgage VS Total that will need to be paid if you refinance (include fees). Then you can evaluate.

i have 29 1/2 years left i would save about $72,000 over the next 30y

[ckmk47]

i have 29 1/2 years left i would save about $72,000 over the next 30y

Then go for it!

[Naftuli19]

Then go for it!

trying to get lower

[ltttc]

trying to get lower

Keep us posted if you do

[CountValentine]

Rates went up .75 from a local CU. That is just nuts. 

[yitzgar]

Why are they going up?

[CountValentine]

Why are they going up?

I have no idea.

[ltttc]

Why are they going up?

It's because banks are overwhelmed with refinance requests and are having a hard time keeping up with the demand.

[CountValentine]

It's because banks are overwhelmed with refinance requests and are having a hard time keeping up with the demand.

Then stop taking applications, don't rip people off.

[ltttc]

Then stop taking applications, don't rip people off.

I wish!! I'm in the process of getting a mortgage and this is hurting me. Apparently they don't care. I just didn't realize that banks have the power to decide how much above the prime rate they can charge. I thought it's a given

[Geshmak25]

i have 3.99 and to Refi with 3.125 i would save myself around $170 - $220 per month after all the fees, this is for a 30y

You sure you can still get 3.125%?

[PlatinumGuy]

Mortgages are likely to freeze soon because banks are afraid RE values will follow stock market values.

[CountValentine]

Mortgages are likely to freeze soon because banks are afraid RE values will follow stock market values.

When I heard the "R" word I thought they meant recession not Real-estate.