Mortgage Rates-Refinance?

ItemB · Mar 9, 2020

With mortgage rates falling anybody refinancing their mortgages? I refinanced once and said I never would again with the hassle, of having to deal down the rates and closing cost/origination fee. But have heard of people getting some pretty low interest rates the last couple days.

espringers · Mar 9, 2020

Sub 3% for 15 years. But, I am pretty sure my current 15 year is like 3.25%. So, gonna let it ride or maybe sell and build.

Bfishn · Mar 9, 2020

It kind of depends what you have now. Rates have been so low for so long most people are already at really low rates. Could be a great time to go from a 30yr > 4% to a 15yr < 3% and not have much of a payment change.

ndlongshot · Mar 9, 2020

We locked in today. Went from 4.5 on a 30, to 2.25 on a 15. Shaving alot of years off and no change in payment. Hard to complain....

Downrigger · Mar 9, 2020

Patience should pay...i'd let this play out until next rate cut.

ItemB · Mar 9, 2020

ndlongshot said:
We locked in today. Went from 4.5 on a 30, to 2.25 on a 15. Shaving alot of years off and no change in payment. Hard to complain....

Mind sharing the lender you used? That's the lowest on a 15 year I have heard and heard 2.75 on a 30.

1850reata · Mar 9, 2020

Pulled the trigger on mine last week. 4 yrs in on a 30 yr 3.5% to a 15yr 2.5%. Scary to run the calculator on how much a guy saves. Lucked out and dont have to do an appraisal either.

shorthairsrus · Mar 9, 2020

Pull some cash out put it on apple. Sure bet.

Meelosh · Mar 10, 2020

Seriously, where are you guys getting rates in the 2-3 range?

Skeeter · Mar 10, 2020

Meelosh said:
Seriously, where are you guys getting rates in the 2-3 range?

I got 2.75 at gate city in December. If only I had waited a few months could’ve got 2.5.

ndbwhunter · Mar 10, 2020

1850reata said:
Pulled the trigger on mine last week. 4 yrs in on a 30 yr 3.5% to a 15yr 2.5%. Scary to run the calculator on how much a guy saves. Lucked out and dont have to do an appraisal either.

Any change in payment? I'm 3 years into a 30 year at 3.375% and I'm contemplating going to a 15 year if the change in payment will be minimal.

ndlongshot · Mar 10, 2020

ItemB said:
Mind sharing the lender you used? That's the lowest on a 15 year I have heard and heard 2.75 on a 30.

Gate City Bank...and if you bring mortgage over they have an amazing student loan rate (1.5% fixed, better than BND)

1850reata · Mar 10, 2020

The minimum payment did go up by cutting the term, but we had been paying additional on the principle anyway so it worked out as a wash for us.

db-2 · Mar 10, 2020

I dealt with Gate City since i was in high school. They have great rates when one borrowers but there CD rates have to be the lowest in the state. So fine when one borrowers. Checking account there but savings elsewhere.
House has long been paid off but when i began the loan it was a direct loan from them, variable rate, at close to 5% and at the end it was .5%. that's .5%. Little fees. Rate did change often and kept going down but not sure what the overall rate would of been.
Yes i have found their rates on whatever to be close to the lowest if not the lowest. Last car loan and it has been sometime but it was in the low 2%. db

Bfishn · Mar 10, 2020

ndbwhunter said:
Any change in payment? I'm 3 years into a 30 year at 3.375% and I'm contemplating going to a 15 year if the change in payment will be minimal.

When I went from a 30 to a 15 and reduced my rate by 1.5% my payment went up by 25%. There are plenty of simple calculators on the internet to see exactly what your new payment would be.

db-2 · Mar 10, 2020

At one time banks were charging large fees to make the loan. The average home loan only lasted about 6-7 years due to people selling their homes for whatever reason. Rates were low but with the fees the bank was making a much larger interest rate than shown and then when the person who sold bought another home they had the fees again. Bank just work the average of how long the average loan lasted and offer the lower rates as fee income is what banks work on and make a large part of their income on.
So banks like Gate city who do not have those fees now it does surprise me. db

martinslanding · Mar 10, 2020

Generally the rule of thumb is if you refinance and save more then 1% and plan on staying in your home for more then 3 years you will come out ahead … we just went from 30 –year at 4.25% down to 20 year at 3.125% and kept mortgage payment the same … kind of a no-brainer … 15 year was at 2.75% but just didn’t want to get locked into the higher payment

Whisky · Mar 10, 2020

Downrigger said:
Patience should pay...i'd let this play out until next rate cut.

Yup, HOPEFULLY! I met with the bank this morning. Was going to lock in 2.75 for 15 years but have decided to wait until next week mid week. I hear that March 18 we could see another rate cut. The banker has been BUSY with refi's, and had another customer decide to hold off until next week also, based on info from their financial adviser.

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ndbwhunter said:
Any change in payment? I'm 3 years into a 30 year at 3.375% and I'm contemplating going to a 15 year if the change in payment will be minimal.

Doubt your change in payment would be "minimal" going to a 15. But you could look into a 20-25 year and maybe save some cash. You got a great 30yr rate IMO.

johnr · Mar 10, 2020

We are in the process with Gate City bank right now. Best mortgage rates in ND, we in fact have all of our business there now.
30 yrs of banking elsewhere makes me feel so used.

Duckslayer100 · Mar 10, 2020

That's where we're working with now. Just finished the paperwork last night, but it was 2.75 for a 20. Where's people finding 2.5 for a 15 without their rates changing? We went from a 30 at 4% to a 20 at 2.75% and our payment went up $60/month.

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I should say we finished the application process, we haven't signed anything yet...

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Just asked our mortgage lender at Gate City. She said we could lock in at 2.25 percent for a 15 year, but our payment jumps like $200/month. But holy crap we'd save a venerable crap-ton of money.

Then again, we could lock in at 2.75 for 20 years, and just pay more on months we have some extra cash.

Mortgage Rates-Refinance?

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