FYI - Mortgage rates hit some all time lows today.
30 year fixed with 0 points 3.00%
15 year fixed with 0 points 2.50%
Maybe time to refinance.
30 year fixed with 0 points 3.00%
15 year fixed with 0 points 2.50%
Maybe time to refinance.
Post your source for the rates. They are absolutely at all time lows with no points. If your loan starts with a "4" you need to do something.
Post your source for the rates. They are absolutely at all time lows with no points. If your loan starts with a "4" you need to do something.
Not necessarily. When loan balance is low enough or near maturity, the interest savings will not overcome closing costs.
FYI - Mortgage rates hit some all time lows today.
30 year fixed with 0 points 3.00%
15 year fixed with 0 points 2.50%
Maybe time to refinance.
If this is what you do for a living, why aren't you quoting the APR? That's the shopping tool Uncle Sam developed 40+yrs ago. Without the APR, there's no way to know what a customer's true costs are. Those rates could be based on 1 or 2 or more points.Source is me.....that is what do for a living, write mortgages. I have been locking rates for customers all day long with those rates.
It isn't even if you have something that starts with a "4". You could have 3.25% now......but have $100K out in consumer/home equity debt and it still makes sense.
You probably don't need another VA loan if you are refi-ing. VA definitely has its benefits, but if you have equity and good credit, a conventional mortgage may be just as attractive.What’s the best VA rate? We’re are 3.875% currently with 22 years to go.
Well, if the math makes sense, maybe you want to check again. Since you aren't planning to keep your home past 3-4 years, I suspect not.Those are awesome rates. Too bad I just did a refi a few months ago.
Dave
correct. you could have 5% on $50k with 10years left and a refi most likely won’t make sense.
My son is in PA and was quoted a rate of 3.25 for a 20 yr yesterday. These rates seem better. Any advice on how he could get those rates?Source is me.....that is what do for a living, write mortgages. I have been locking rates for customers all day long with those rates.
It isn't even if you have something that starts with a "4". You could have 3.25% now......but have $100K out in consumer/home equity debt and it still makes sense.
You probably don't need another VA loan if you are refi-ing. VA definitely has its benefits, but if you have equity and good credit, a conventional mortgage may be just as attractive.
I agree with you, but unless you've been heavily prepaying, people with a mortgage rate of 4+ have a balance that would warrant the refi.Not necessarily. When loan balance is low enough or near maturity, the interest savings will not overcome closing costs.
So how do mortgage underwriters feel about refinancing rental properties right now?Source is me.....that is what do for a living, write mortgages. I have been locking rates for customers all day long with those rates.
It isn't even if you have something that starts with a "4". You could have 3.25% now......but have $100K out in consumer/home equity debt and it still makes sense.
So how do mortgage underwriters feel about refinancing rental properties right now?
Sorry? You mean when you are purchasing, right? I agree VA is a great product when purchasing just for the reasons you stated.Typically for us that is not true, as the issue is the down payment. VA loans require 3% down and no private mortgage insurance. Additionally my husband (who has the VA qualification) has a high enough disability rating that we don’t pay the typical 1% for the loan.
However in this instance, the House has appreciated enough in value and we’ve paid it down enough that we’d probably only be looking at a loan for around 60% of the home’s current value. So we could look at non VA loans in this instance, you’re right. The last time we refinanced was within maybe 2 years of purchasing the house and we did not have 20% equity in the home, so the VA loan still came out ahead.
Sorry? You mean when you are purchasing, right? I agree VA is a great product when purchasing just for the reasons you stated.
No downpayment is required for a refinance. Of course, as always, the devil is in the details. So, if your own-to-value is 80% or greater - possibly different story. However, I will say that often the mortgage insurance on a conventional loan is a better deal than FHA or VA when refinancing![]()