I need to refi rates look amazing

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Submitted by treehugger on June 24, 2016 - 10:15am

I am in Canada (Whistler) and wow they left the EU...interest rates look amazing! Looked online saw rates below 3.25

I am currently at 3.5 30 year fixed if I can get rate lowered at no cost to me I am in! HLS if you are around or anybody has a broker recommend with low rate please pm me!

Do you folks things will stabilize in the next week? I am out til next Thursday.

We are headed out to ride but would appreciate any info!

Submitted by an on June 24, 2016 - 10:34am.

I am considering the same thing. So far, online, they haven't showed any movement yet. Maybe they will post it tomorrow. I just refi-ed no cost at 3.5% just a couple of months ago, but if I can do it again now at 3.325% or less, that would be awesome.

Submitted by all on June 24, 2016 - 2:09pm.

AimLoan has 3.25% with no points, but there are closing costs.
They show 10/1 adjustable at higher rate than 10 or 15 year fixed.

Submitted by utcsox on June 24, 2016 - 4:35pm.

Couple of lenders (Aurora and Sebonic Financial) are doing 3.250% APR with $1 in fees from Zillow Mortgage...

Submitted by an on June 24, 2016 - 5:45pm.

Sebonic has been offering 3.375% with ~$1500 credit for awhile now. So, rates hasn't changed much today. Let see if I can get 3.375% with ~$4-5k in credit and I'll pull the trigger.

Submitted by utcsox on June 24, 2016 - 7:42pm.

AN wrote:
Sebonic has been offering 3.375% with ~$1500 credit for awhile now. So, rates hasn't changed much today. Let see if I can get 3.375% with ~$4-5k in credit and I'll pull the trigger.

You shall pull the trigger then. The conforming loan is 3.375% with ~$4K in credit. Is this better than 3.25% with $1 fee?

Submitted by Coronita on June 24, 2016 - 7:44pm.

I envy you guys. I wish I had a home worth taking a 30year out on right now...

Submitted by an on June 24, 2016 - 8:52pm.

utcsox wrote:
AN wrote:
Sebonic has been offering 3.375% with ~$1500 credit for awhile now. So, rates hasn't changed much today. Let see if I can get 3.375% with ~$4-5k in credit and I'll pull the trigger.

You shall pull the trigger then. The conforming loan is 3.375% with ~$4K in credit. Is this better than 3.25% with $1 fee?


Really? Can you share which lender is offering 3.375% with ~$4k in credit? The best I found on Zillow is 3.375% with $2600 in credit.

As for which is better, it's up to you. As for me, I prefer to only refi when it covers all cost + property tax + insurance + lowering my interest rate. I did this a couple of months ago at 3.5% and would gladly do it again soon if it hit my threshold of ~$4k in credit.

Submitted by an on June 24, 2016 - 8:53pm.

flu wrote:
I envy you guys. I wish I had a home worth taking a 30year out on right now...
Cash out refi?

Submitted by utcsox on June 24, 2016 - 9:01pm.

I think this is what Sebonic Financial is offering per my Zillow mortgage mobile app.

Submitted by an on June 24, 2016 - 9:40pm.

Sebonic Financial is showing 3.375% with $2600 in credit on Zillow website for me. This is for conforming 30 years fixed.

Submitted by Panderso on June 25, 2016 - 11:25am.

FWIW we just called Sebonic this morning to refi our condo and they are basically honoring what they advertised (many do not). We got an instant quote for 3.25 with $1,300 in fees, ended up getting that exactly except $1,500 in fees.

You must mention that you found the info on Zillow though or else they will give you a worse rate.

Submitted by utcsox on June 25, 2016 - 6:11pm.

AN wrote:
Sebonic Financial is showing 3.375% with $2600 in credit on Zillow website for me. This is for conforming 30 years fixed.

Well, the balance I use is $417,000. If your balance is lower than that, then sure you will have a lower amount of credit.

Submitted by an on June 25, 2016 - 9:34pm.

utcsox wrote:
AN wrote:
Sebonic Financial is showing 3.375% with $2600 in credit on Zillow website for me. This is for conforming 30 years fixed.

Well, the balance I use is $417,000. If your balance is lower than that, then sure you will have a lower amount of credit.


I used $400k, cuz it's quicker to type.

Submitted by Coronita on June 25, 2016 - 9:40pm.

AN wrote:
flu wrote:
I envy you guys. I wish I had a home worth taking a 30year out on right now...
Cash out refi?

You're killing me and mocking me at the same time, lol.....

I'm an old man now... And old fart... I'm expecting my AARP card in the mail anyday now, and I think I should go shop for an oldsmobile. The thought of having another 30 years to go....Dude....I'm going to be eating out of a straw...

No sir, only going to happen with another home purchase....I can't find anything good though. Rental or Primary...

Submitted by Coronita on June 25, 2016 - 9:41pm.

Provident is showing this BTW:

https://www.provident.com/

Submitted by an on June 25, 2016 - 10:07pm.

flu wrote:
AN wrote:
flu wrote:
I envy you guys. I wish I had a home worth taking a 30year out on right now...
Cash out refi?

You're killing me and mocking me at the same time, lol.....

I'm an old man now... And old fart... I'm expecting my AARP card in the mail anyday now, and I think I should go shop for an oldsmobile. The thought of having another 30 years to go....Dude....I'm going to be eating out of a straw...

No sir, only going to happen with another home purchase....I can't find anything good though. Rental or Primary...

I don't get it. If you're OK with buying a new home now with a loan, then why not do a cash out refinance? Isn't that essentially the same?

Submitted by Coronita on June 25, 2016 - 10:36pm.

AN wrote:
flu wrote:
AN wrote:
flu wrote:
I envy you guys. I wish I had a home worth taking a 30year out on right now...
Cash out refi?

You're killing me and mocking me at the same time, lol.....

I'm an old man now... And old fart... I'm expecting my AARP card in the mail anyday now, and I think I should go shop for an oldsmobile. The thought of having another 30 years to go....Dude....I'm going to be eating out of a straw...

No sir, only going to happen with another home purchase....I can't find anything good though. Rental or Primary...

I don't get it. If you're OK with buying a new home now with a loan, then why not do a cash out refinance? Isn't that essentially the same?

No it isn't. If something unexpected happens, if I take on a new loan on a new place, I can walk away from it and still live in the old place...

If I cash out refi on my old place and use it to pay for the new place, I stand to lose both places, since it is unlikely a cash out of the old place will complately pay for the new place.

Also, a cash-out is typically limited to 75% of equity....Versus 20% is available on a new place...I'm half serious about trying to put the bare minimum on the new place...

Submitted by no_such_reality on June 26, 2016 - 9:16am.

If the house is paid off, you're only on the hook for the taxes, which will amount to $500/month +/- a couple hundred a month.

It's a cash flow issue, risk issue, tax issue and time management issue. The paid off living arrangement minimizes the negative impacts of all four of those issues.

Sure, you could extract money, invest it, make more, pay taxes, spend time fretting, managing the investment etc, but it's all on leverage.

Sometimes, leverage is good.

Sometimes leverage is bad.

Submitted by Coronita on June 26, 2016 - 9:37am.

For me, I think I'm at a point in life in which if I do something stupid, its far more damaging that not taking the risk. Granted, it's unlikely I would ever lose my home, but I don't want to open that up to the possibility. I figure buying a new home and starting over has less risk that mucking around with my first primary. So if all else fails, there's always something else to fall back on. The only thing is that I can't bring myself to opening a checkbook to a home that costs $1.3m-ish...I don't think that would even get me into a good Pardee tract home home right now (which isn't necessarily something I particularly want, but....)...Some of the homes in Pardee community in Sorrento Heights costs more than I paid for my home in Carmel V...So, it's just crazy out there right now.

https://www.redfin.com/CA/San-Diego/1102...

And no one else is really selling in that area....

Submitted by no_such_reality on June 26, 2016 - 9:42am.

Yea, that's were I'm at. I've broken my networth down into piles.

This is my living pile. Everything goes sh*t, we've still got a roof over our head.

This is my security blanket pile, if a bunch of stuff goes to sh*t, I can still pay for the essentials my kids need to get them flying on their own.

The rest is the invest pile. into varying degrees of risk and effort.

As for you AARP card, it'll show up 3 months before your 50th birthday.

Submitted by treehugger on June 27, 2016 - 7:53am.

Appears sebonic is holding the lead with 3.25 and almost $2000 credit, if it holds til I get back to the States on Thursday I think I will pull the trigger.

Submitted by utcsox on June 27, 2016 - 8:57am.

treehugger wrote:
Appears sebonic is holding the lead with 3.25 and almost $2000 credit, if it holds til I get back to the States on Thursday I think I will pull the trigger.

Really? Can you share with me on how you find this amazing deal? Thanks.

Submitted by utcsox on June 27, 2016 - 8:57am.

treehugger wrote:
Appears sebonic is holding the lead with 3.25 and almost $2000 credit, if it holds til I get back to the States on Thursday I think I will pull the trigger.

Really? Can you share with me on how you find this amazing deal? Thanks.

Submitted by moneymaker on June 27, 2016 - 9:35am.

Getting awfully close to 30 year us treasury rate record. Record is 2.25 and we are at 2.29 now. May consider refi to roll solar Heloc in, 10 year at 1.46%

Submitted by treehugger on June 27, 2016 - 10:41am.

https://www.zillow.com/mortgage-rates/ca...

Sebonic is still showing 3.25 with $1 in fees (not including 3rd party) and a $1989 credit.

Would seem like some lender would see some value in offering us a group discount??

Submitted by an on June 27, 2016 - 11:13am.

I think I know where the differences in rates we're seeing coming from. Base on the link from treehugger, the assumed LTV is <50%. I was assuming about 60% LTV. Rates/credit would be different between those two assumption and would also be different for those who assuming 80% LTV.

Submitted by poorgradstudent on June 27, 2016 - 11:46am.

We just refinanced in January for what I thought was a spectacular rate (no cost, shaved 0.25% off our original purchase rate), but it looks like they are down 0.25% since we refinanced.

Submitted by no_such_reality on June 27, 2016 - 12:47pm.

Online qoutes are a bit flakey, but equity <=25% seems to be +1/8th.

Balance between $417K + $650K +1/8th pt.

Over $650K, +1/4.

So under $417K and over 25% equity and I see lots of 3.25% and $1 fee listed.

Submitted by FlyerInHi on June 27, 2016 - 2:55pm.

8 years since the financial crisis. Still no dollar debasement or hyperinflation.

I still have an adjustable rate mortgage.

Submitted by treehugger on June 27, 2016 - 4:44pm.

I was too conservative for an ARM.....hindsight's 20/20, coulda, woulda, shoulda.....still too conservative (read chicken).

But hey I just spent the day bombing down the MTB park at Whistler, so not all chicken!

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