A quick Q: Does every re-fi needs a new home appraisal? For example, for someone brought a year ago - do they need to get their house appraised again?
I had to get new appraisal when refi about 12-14 months after purchase. This was late 2012.
Assume yes for planning purposes, but appraisal waivers are becoming more and more common, especially where valuation data is rich and reliable, and the lower the LTV the more likely the waiver.
My parents refi’d their vacation home a couple of years ago (LTV in the mid 30s) and the appraisal was waived.
Estimated cost for the appraisal on the LE was in the $700-800 range.
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where are you located and what bank are you with?
conventional 15 year is already at 2.75% for $510K and below, with 0 points.
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My mortgage is through a credit union. I called them and asked if they had a program to lower the rate w/o having to go through the whole closing process. They said no… Guess I will look into zillow.
S&P is off 6% since the day I made this payment on 6/28/19.
Meanwhile I’ve been investing an additional amount equivalent to the old mortgage payment every month, so it’s not all kittens and rainbows.
But if I was so inclined I could still swing by later today with my checkbook and grab this Autobiography.
My style isn’t for everyone, but I sleep soundly at night.
Have to agree with Jon. Currently locked to refi a 30yr jumbo at 3.375%. 3.75% are the initial quotes that went straight to trash. Be competitive the first time around and don’t waste people’s time with the “provide me with a few sheet” BS.
Edit: also want to add initial quote was 3.25% but my middle score was just slightly below that top tier pricing.
that’s high balance conforming rate, not jumbo. send me you Loan Estimate ill explain to you what you’re looking at
Except the brokers charge a bunch of fees to bring the apr up. I am sick of these places that advertise low rate and then add a bunch of fees or points to make up for it. Mortgage should be quoted with zero points or fees
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There should never be high variance between interest rate and apr. sent you a pm with an example
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@Cali do you think 3.125% with 0 points and no fee is a good deal or should I wait for the rates to fall even more? A mortgage broker is saying there is 0 cost for this refi and no third party fees. I will be paying down my loan balance to the max for a high balance loan of $510,400.
assuming its a 30 year, yea that’s fine. but have him define “no fee,” does he mean he’s rolling the title and escrow fees into the loan balance, is it being paid with a lender credit, etc.
its best to look at the Loan Estimate to see exactly what fees are being charged and how theyre getting paid
and its always good to compare your new loan amount to your payoff amount; or in your case, your payoff amount and the amount you have to come in with to close the loan
i do think rates will drop further next week, but i’t won’t be dramatic drops
Thank you for the info, I asked the broker to send me a loan estimate sheet.
I just got a 15yr fixed refi from BOFA at 3% apr with all costs waived except appraisal fee $1,200. Loan Amount = $899,00 (can bring it down to $750,000), Last Appraised = $2,560,000, Credit Score = 800+. We bought the house last year and current loan is with Chase at 4% 30 yr fixed. Is this good, I was hoping to see something closer to 2.87%
loan amount = $899,000, sorry missed a zero
hi LL can you share who you did the refi with?
If you’ve got money bring it over to bofa for 1 day and they’ll be hard to beat. Can drop the rate by as much as 50 bps.
Refi is higher than a purchase but did a purchase on a 7/1 at 2.125 with bofa with $7k lender credit. 30 was 2.875. And on top of that this was an investment property.
I know there is a rate discount for HELOCs, but I think for first mortgages the Preferred Rewards benefit is a reduction in the origination fee (discount based on relationship tier).
Do you have a link for more info?
Basically the big banks will offer a discount for moving assets over. Wells Fargo, chase, bofa, HSBC, citi. Usually its .125 off per 250k up to .50 for 1 million. Assets dont have to be cash, can roll over brokerage accounts, IRAs etc. 2.875 on a jumbo 30 year is what I’ve been seeing for 3 months.
If you’re a chase private client, no one will be able to beat their rates.
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