Housing

Mortgage refinance

Verizon / EngCodeBoi
Feb 8

Anybody in the same boat and got better rates than below. I am refinancing home loan. This is the terms I got. Presently I have Jumbo loan with WF.

Excellent credit
Fixed loan 30 yr Jumbo loan - 4%
7/1 arm - 3.5%
No closing cost.(Appraisal will be refunded after closing)

These rates are from Googain who will be initial lender. Lender may change after closing.

PM me and I can share the lender POC.

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  • Facebook idekStory
    Is there a big difference between refinance and first time closing in terms of rates?
    6d9
    • Google / EngMr Glass
      Banks are more comfortable refinancing because it doesn't increase your risk profile - it's not an additional debt, just a replacement of another one.
      6d
    • Facebook idekStory
      So rates are lower for refinance? I assumed opposite.
      6d
    • From what I’ve seen, rates for refi are higher by around 0.1% for 30yr fixed
      6d
    • Facebook idekStory
      Thanks @jujkspsst. That makes sense
      6d
    • Google / EngMr Glass
      The rates are not lower but your chances of getting approved are significantly higher
      5d
    • Salesforce hfgnntunv
      What about costs? Aren’t you end up paying almost all closing costs again? So if you refinance 500k mortgage and end up paying 15k in fees, how long will it take for your refinance to start making financial sense?
      4d
    • Google / EngMr Glass
      No usually you only pay appraisal fees and origination points. Some banks offer incentives, especially if your equity in the home went up due to appreciation.
      4d
    • Salesforce hfgnntunv
      Dang! In nyc it’s almost like taking out new mortgage
      4d
    • Google / EngMr Glass
      NYC doesn't matter. Try PNC Bank
      4d
  • 4% is pretty good for refi. Have you checked with the large banks? They may give you a better rate if you have a large deposit with them
    Feb 84
    • Verizon / EngCodeBoi
      OP
      WF, Chase and Union Bank cannot match this
      Feb 8
    • How about BofA and WF?
      Feb 8
    • Facebook public2
      WF will beat it but require a large fly by if you can make that happen. The breaks are at 500, 1m, and 2.5m
      Feb 8
    • HSBC is currently showing rates as low as 3.718% for a 30yr fixed jumbo loan of $2MM with 35% down. This is for their Deluxe mortgage product which requires $75k in deposits/investments with them. Not sure what their rates on refi are but can probably assume that they’d be at least 0.1% higher.

      https://www.us.hsbc.com/home-loans/products/mortgage-rates/
      Feb 8
  • Facebook public2
    These are low...almost too low. Is the fixed 15?
    Feb 82
    • Verizon / EngCodeBoi
      OP
      30 year jumbo fixed
      Feb 8
    • Facebook public2
      That's amazing, lock that asap!
      Feb 8
  • New DuQvV7x
    I’m skeptical that this is doable.

    Look closely at the fine print, buy downs etc.

    If those are all clean, lock this up on Monday. We are always one tweet away from rate disruption.
    7d1
    • Verizon / EngCodeBoi
      OP
      I locked it Friday before close of business.
      7d
  • Google / EngMr Glass
    How much equity did you have to refinance at those rates? 30+%?
    6d0
  • Cisco / ProductMattttt
    Bofa offered me 3.75 w jumbo too. I’m at 4.375 from last November
    5d3
    • Google / EngMr Glass
      Switching? How much are the one time costs?
      4d
    • eBay sinshvsyb
      3.75 for 30 year fixed? Or ARM?
      4d
    • Google / EngMr Glass
      He said jumbo
      4d
  • Is 4% the APR? If so, good. Otherwise find out what the APR is.
    Feb 83
    • Verizon / EngCodeBoi
      OP
      (Interest rate + fees) == APR. I am being told there is no closing cost. I will be refunded the appraisal post closing. I have to pay property tax before the loan closes.
      Feb 8
    • Yes.. just watch out for this: verbally being told there are no fees and having the APR firmly stated in a disclosure statement (truth in lending) have different degrees of credibility.
      Feb 8
    • Verizon / EngCodeBoi
      OP
      I understand your concern but I have it in writing. 💪
      Feb 8
  • Salesforce establo
    Really good. I thought standard loans are 4.5 ish 30 year these days
    Feb 82
    • Verizon / EngCodeBoi
      OP
      That’s what I thought but shopping around helps
      Feb 8
    • Rates for 30yr fixed have been down for a few weeks now
      Feb 8
  • Amazon kuchnai
    Jumbo?
    Feb 81
    • Verizon / EngCodeBoi
      OP
      Yes. updated the description.
      Feb 8
  • Flagged by the community.

  • IBM YXdn73
    Pretty good deal. I’m currently shopping and not seen better. If they are covering closing, they will usually jack the rate. Looks like you got both
    Feb 80
  • Verizon / EngCodeBoi
    OP
    Googain(initial lender). I am being told it may change after closing.
    Feb 80
  • IBM YXdn73
    Is this with WF?
    Feb 80

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