Refinancing a jumbo loan

Amazon ghdbdjd
May 13 24 Comments

Planning to refinance existing loan. Which bank May offer lower rates ? Location: Bellevue

Current rate :4.125

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TOP 24 Comments
  • New / MgmtBlueBottl
    Refinancing is the oldest trick in the book. Don’t do it. I’d recommend you keep up and pay down the principal.
    May 138
    • Amazon ghdbdjd
      OP
      I don’t have that much money to pay the principal
      May 13
    • New / MgmtBlueBottl
      Okay, why do you want to refinance?
      May 13
    • Google / Eng
      JLo ☑️

      GoogleEng

      PRE
      Amazon
      JLo ☑️more
      Can probably get 3.8 with good credit score. It seems op wants to refinance to take advantage of better rates. Valid strategy. Try Wells Fargo.
      May 13
    • New / MgmtBlueBottl
      Yes but this is an old trick. If you refinance, you will reset your clock. Don’t do it.
      May 13
    • Lyft
      xBjL27

      Lyft

      PRE
      Google, Udacity, InVision
      xBjL27more
      You can refinance with a shorter term- no resetting the clock. I just did it with Wells Fargo for 25 year term
      May 13
    • Pandora Fscndw
      BofA
      May 13
    • Pure Storage pureety
      Wait a minute, what's stopping you from paying down principal if you refi? You could still set your clock for paying down and get lower rate in the meanwhile?
      May 13
    • New / MgmtBlueBottl
      My question too!
      May 13
  • Amazon rockstock
    Not sure if you’ll get a lower rate right now unless you buy points. Are you in an ARM or fixed? May make sense to explore if you are in an ARM and want to switch to a fixed.
    May 133
    • New / MgmtBlueBottl
      Of you’re in a fixed. Stay. Don’t go for the bait.
      May 13
    • Amazon ghdbdjd
      OP
      5/1 arm
      May 13
    • Amazon rockstock
      If you are coming up on an adjustment on your 5/1 then worth looking into refi
      May 13
  • Uber Xlqf58
    Ally bank is offering me 3.75 with lender credit
    May 132
    • New / MgmtBlueBottl
      Don’t take it. Please 🙏🏼
      May 13
    • Uber Xlqf58
      It’s not like I have a choice. I’m purchasing a house with a bridge loan, so I’m not refinancing a mortgage. This is basically my first mortgage on the new house. Otherwise, yeah I’d never refinance, I hate how they setup the amortization schedules.
      May 14
  • Amgen Fin4eng
    What’s reason for refinancing, lower rate, cash out, or lower monthly costs? If primarily lower rate then making the same monthly payment at the new rate is the way to go. If you have significant assets (500k-1M) and move them to a big bank they’ll give big discount (~.375%). Alternatively for just cheaper rate use the mortgage professor to find discount brokerages that almost always beat large bank rates.
    May 134
  • Amazon ghdbdjd
    OP
    Getting 3.375 10/1
    May 151
  • Amazon / EngTroll Food
    Look online, like zillow, instead of brick and mortar bank.
    May 130

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