Author Topic: How low can we go? 30 yr fixed at 3.75% with no fees...  (Read 762332 times)

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Offline Agent Joe

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3030 on: June 13, 2021, 12:16:13 AM »
What is generally the smallest loan amount that can be refinanced at no cost? TIA!
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Offline aquabliss

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3031 on: June 13, 2021, 01:36:18 AM »
What is generally the smallest loan amount that can be refinanced at no cost? TIA!

Smallest I’ve found is $300k from Interactive Mortgage.  Most of the other no-cost refi shops are minimum $400k.

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Offline akula1488

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3032 on: June 13, 2021, 03:07:00 PM »
How soon can you refi after purchase? Like before the first Mortgage payment?

Offline Cares

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3033 on: June 13, 2021, 05:47:18 PM »
What is generally the smallest loan amount that can be refinanced at no cost? TIA!

Smallest I’ve found is $300k from Interactive Mortgage.  Most of the other no-cost refi shops are minimum $400k.

There is no mortgage size that you can refinance at no cost. If your loan is very small though, say $300k or less, it just means you will have to compensate with a higher rate to cover the fees.

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Offline USCTrojanCPA

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3034 on: June 13, 2021, 10:43:12 PM »
How soon can you refi after purchase? Like before the first Mortgage payment?

You can get a new refinance started the day after your purchase loan or your refi loan closes (with another lender), no current requirement to wait to make your first payment.
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Offline Cares

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3035 on: June 13, 2021, 11:13:08 PM »
How soon can you refi after purchase? Like before the first Mortgage payment?

You can get a new refinance started the day after your purchase loan or your refi loan closes (with another lender), no current requirement to wait to make your first payment.

Yea so there is no loan that you have to wait unless you specifically agree to a prepayment penalty which would be disclosed in your Closing Disclosure. But I personally would never take a loan for someone who just refinanced within 6 months because I wouldn't want it happening to me. I have them go back to their previous lender to check that it is okay. I think you should always give your previous lender a shot if rates drop significantly within a 6 month period rather than just going to another lender off the bat.

Unless of course you had a terrible experience with the previous lender don't feel obligated to do them any favors.

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Offline Soylent Green Is People

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3036 on: June 14, 2021, 08:27:12 AM »
Ditto to @Cares post.

Some lenders will have a blanket policy on refinancing loans that are not seasoned (3-6 payments). FreddieMac also is not buying refinance loans that are not seasoned. Before moving forward with anyone, get in an e-mail a commitment that the lender does not have a seasoning requirement, nor do their investors (other than FreddieMac). The refinance market has stalled in some spaces and LO's are weaving some pretty tall tales today. Owning for example is trying to make the phones ring with a 15 year purchase loan at a very low rate. Because of this growing climate of nonsense you're better to get promises in writing than you are by phone.

If you close on a Monday with a non-bank, your loan will more than likely be parsed out to a servicer by the following Monday. Yes, you have your First Payment Notice with the original lender, but you need a payoff demand from the loan servicer. If you're going to flip from lender A to lender B, expect a 45 to 60 day process, delayed primarily because of the difficulty in getting a payoff demand from the servicer.

My .02c
« Last Edit: June 14, 2021, 08:32:39 AM by Soylent Green Is People »
My .02c

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Offline Cares

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3037 on: June 16, 2021, 11:42:37 AM »
Fed leaves rate unchanged but raised expectations for inflation causing MBS to fall over 50bps.

Offline aquabliss

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3038 on: July 19, 2021, 05:22:50 PM »
Looks like that 1/2pt refi fee is going away so I noticed some brokers have dropped their rates a bit today. 

Not sure yet if I want to refi again or just keep it as-is.

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3039 on: July 19, 2021, 08:23:21 PM »
I got a call the other day from owning to refi my existing 15 year to a new 15 year at 1.99 with no out pocket costs. Just have not had time to call them back to lock

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3040 on: July 19, 2021, 08:57:12 PM »
I got a call the other day from owning to refi my existing 15 year to a new 15 year at 1.99 with no out pocket costs. Just have not had time to call them back to lock
This morning I called Owning about no cost 15 year rate and 1.99 was what I was told.
That's only .135 less than my current rate.
I'm debating whether I should wait for lower rate or just go for it.

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3041 on: July 20, 2021, 06:33:14 AM »
I got a call the other day from owning to refi my existing 15 year to a new 15 year at 1.99 with no out pocket costs. Just have not had time to call them back to lock
This morning I called Owning about no cost 15 year rate and 1.99 was what I was told.
That's only .135 less than my current rate.
I'm debating whether I should wait for lower rate or just go for it.

Did anyone get lower than 2% last year at no cost when rates were extremely low?  I can't remember if I saw any, I'd jump on this rate and if it goes lower just refi again. 

Offline USCTrojanCPA

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3042 on: July 20, 2021, 08:12:44 AM »
I got a call the other day from owning to refi my existing 15 year to a new 15 year at 1.99 with no out pocket costs. Just have not had time to call them back to lock
This morning I called Owning about no cost 15 year rate and 1.99 was what I was told.
That's only .135 less than my current rate.
I'm debating whether I should wait for lower rate or just go for it.

Did anyone get lower than 2% last year at no cost when rates were extremely low?  I can't remember if I saw any, I'd jump on this rate and if it goes lower just refi again. 

I think I caught the low at 2.375% for a no cost refi in Dec of last year on the 30-year fixed.  I know that there were several lenders offering 1.99% 15-year loans with no cost late last year and early this year, sounds like those are coming back now.
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Offline akkord

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3043 on: July 20, 2021, 08:25:05 AM »
I got a call the other day from owning to refi my existing 15 year to a new 15 year at 1.99 with no out pocket costs. Just have not had time to call them back to lock
This morning I called Owning about no cost 15 year rate and 1.99 was what I was told.
That's only .135 less than my current rate.
I'm debating whether I should wait for lower rate or just go for it.

Did anyone get lower than 2% last year at no cost when rates were extremely low?  I can't remember if I saw any, I'd jump on this rate and if it goes lower just refi again. 

I think I caught the low at 2.375% for a no cost refi in Dec of last year on the 30-year fixed.  I know that there were several lenders offering 1.99% 15-year loans with no cost late last year and early this year, sounds like those are coming back now.

Hoping the jumbo refis go under 2.5 no cost...one can dream

Offline USCTrojanCPA

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« Reply #3044 on: July 20, 2021, 08:35:17 AM »
I got a call the other day from owning to refi my existing 15 year to a new 15 year at 1.99 with no out pocket costs. Just have not had time to call them back to lock
This morning I called Owning about no cost 15 year rate and 1.99 was what I was told.
That's only .135 less than my current rate.
I'm debating whether I should wait for lower rate or just go for it.

Did anyone get lower than 2% last year at no cost when rates were extremely low?  I can't remember if I saw any, I'd jump on this rate and if it goes lower just refi again. 

I think I caught the low at 2.375% for a no cost refi in Dec of last year on the 30-year fixed.  I know that there were several lenders offering 1.99% 15-year loans with no cost late last year and early this year, sounds like those are coming back now.

Hoping the jumbo refis go under 2.5 no cost...one can dream

Yeah not sure where jumbo refi rates have been because I waited until they bumped up the conforming loan limit in Dec to refi my Tustin Ranch loan because it was just above $800k.
Martin Mania, CPA
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