Posted on 03/22/2020 10:59:18 AM PDT by Eccl 10:2
I'm specifically looking for a cash-out refi, low rate, low expense. Thanks.
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Our daughter locked in 3.2% 30 year conforming on March 5. She just closed the deal.
Just closed Friday on a refi. Started it in motion just before SHTF. Probably won’t help you though cause it was a VA refi...real simple. Went from 4.65% to 3.25%..didn’t do a cash out though.
I just did a refi on a second home. got 2.9% but maybe it goes down since it has not closed. However, the closing costs on loans are huge. It how they are making money.
WOW
But they just went haywire!!
Some pros are saying rates are high because there is too much business right now and they want to keep some away.
It’s always hard to believe someone doesn’t want more business.
Maybe it’s because of the virus or the market, I don’t know.
But they were over 4 after, like you said, being very low.
They will go back to very low.
But not yet
I have heard that BB and T is offering to put mortgage payments on hold for up to 3 months during this crisis. They just merged with Suntrust so I am checking tomorrow to see if that applies to Suntrust mortgages, also.
That would be helpful for many, such as myself, who have had their jobs come to screeching halts.
Forgot to mention that was a refi, zero cost, 30 year fixed.
A friend of mine locked in last week for 20 years at 3.25%. A day later it was 3.75% at the same bank.
I think real estate sales are going to drop to nothing. Our realtor friend said they cannot get any contractors to do home fix-up prior to sale; the staging companies are no longer staging homes; and there are no open houses. Everything is now a private showing of the home as-is. When volume drops way down, rates will come down even more.
Try Rocket Mortgage and your home insurance company. My daughter financed through the insurance company she was insuring the house through. They weren’t even on the radar but the salesman said they offered mortgage financing as well.
I’ve been doing 5/1 ARMS for years timing each refi with interest rates before ARM adjusts. Just locked in 2.75% on primary residence. That was a week and a half ago. That rate only lasted two days and has since risen dramatically. 2nd home has 2.875.
Just closed on one yesterday. 3.75%. 2nd lien so didn’t get rock bottom rate. Closing costs are nearly nothing if you keep it under $125K. I started the process about a month ago.
Wait a month or two. Things have yet to hit bottom
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I will tell some friends to wait on it.
Thanks for the info
Locked in at 3.125 but was 3.875 Friday.
No
We've had a 3.375% 15-year fixed loan for several years now. I was salivating at the prospect of lowering it even further but just not seeing anything attractive right now. Gonna have to be near 2.5% before we jump considering the costs. Greedy lenders ain't cooperating though.
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