Should i re-finance now?

Amazon
frugal

Go to company page Amazon

frugal
Apr 12, 2020 12 Comments

i see the 15 year fixed rate is very low. although it changes a lot these days, if i can lock in the low rate, is there anything i should worry about?

Loan: i re-financed a year ago with 400K principal at 3.125% for 15 yr fixed (it was 30 yrs 3.75% before). i asked same lender, the rate is 2.75% with no closing cost.

#seattle

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TOP 12 Comments
  • VMware
    QCug24

    Go to company page VMware

    QCug24
    I have been trying to get a rate under 3 % for 15 yr fixed but the rates I am getting so far is 3.125
    I have looked at BofA, Wellfargo, chase, and starone credit union
    For anyone who has gotten a refi under 3% for 15 yr. can you share details of which bank/branch and your approx loan amount for comparison

    Thanks
    Apr 12, 2020 1
    • Noodle.ai
      oUdj28

      Noodle.ai

      oUdj28
      Don't go to the big banks. They have high fees and bad rates.
      Apr 12, 2020
  • Dropbox
    wGGt57

    Go to company page Dropbox

    wGGt57
    *principal
    Apr 12, 2020 1
  • If you can refi to a Lower rate with zero closing costs, no harm. I was able to get 2.75% on a confirming amount with BOA (15 year fixed). Was on a 3% arm before.
    Apr 12, 2020 0
  • Have you broken even on the first refi, yet? Do the math, it might not be economical to do it again...
    Apr 12, 2020 3
    • That's close, but don't forget the sunk costs like origination fees, title, appraisal, etc.

      I plugged into a refi calc refinancing a $1m loan with $3k sunk costs from 3% to 2.75%... it decreases the monthly payment but you lose like $250. Not a perfect analysis bc ignores time value of money, but food for thought.
      Apr 13, 2020
    • Oops, forgot you shared old and new rate. Sorry for not using those... But it's margarita time.
      Apr 13, 2020
  • Okta
    Atko

    Go to company page Okta

    Atko
    Which lender for 2.75 15yr fixed? Sounds fair. What is the cost/points?
    Apr 12, 2020 1
    • Amazon
      frugal

      Go to company page Amazon

      frugal
      OP
      it's a no-name lender, zero cost.
      i used it twice already. also recommended it to my friends. they close things fast.

      not sure if it's ok to post the link here. DM me please
      Apr 13, 2020