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Best option for 20-30 yr home refinance. #15799010 02/16/21
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My current bank will let me refi w/ no appraisal fee or closing costs for 10yr at 2.89% or 20yr @ 3.34%. The 20yr option is the longest term for this type of loan. Are there better deals out there and, if so, where? Our credit score is in the low 800s....


Biden's most accurate and truthful quote ever came during his first press conference, 03/25/21.
Drum roll please....."I don't know, to be clear." Joe Biden, President of the United States!
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Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799019 02/16/21
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I recently refinanced for 30 years for 2.625. I don't know if that deal is still out there but it was in October.

Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799023 02/16/21
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With what company and what were the costs involved?


Biden's most accurate and truthful quote ever came during his first press conference, 03/25/21.
Drum roll please....."I don't know, to be clear." Joe Biden, President of the United States!
Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799027 02/16/21
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Originally Posted by Nebraska
With what company and what were the costs involved?


We used a regional bank local to this area. Closing costs were around $2000. It took around $200 off our monthly payment. The first rate was 3.5.

Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799043 02/16/21
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I refinanced in the fall for 2.25% and kept my term. Since I had paid 6 years already, it's a 24 year loan. Between that and my 50% property tax break for being a vet, is dropped my payment over $500 a month.

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Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799397 02/17/21
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Get the longest fixed rate loan you can get.. at the lowest possible rate of course.

Then never ever ever pay it of... just keep paying absolute minimum.


When the bank won't let us extend the loan any longer, we will pay it of in one payment.


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Re: Best option for 20-30 yr home refinance. [Re: Northman] #15799434 02/17/21
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Originally Posted by Northman
Get the longest fixed rate loan you can get.. at the lowest possible rate of course.

Then never ever ever pay it of... just keep paying absolute minimum.


When the bank won't let us extend the loan any longer, we will pay it of in one payment.


Seriously? You must be at the very least a govt employee, or a recipient of the taxpayers burden. PAY IT DOWN EARLY! Screw the tax deductible interest "benefit". Any savings on your tax liability, although you probably don't pay taxes, is more than offset by having an asset that is paid for, and having more disposable income not going into a mortgage every month.


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Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799457 02/17/21
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Nebraska

If you are in the East side, I work with Mike Campbell at American National Bank. He works out of Papillion and Bellevue. Just did a refi on my home a few months ago. VA loan at 2.5% for 30yrs. Could have gotten lower if I didn't lock it in, but after the election turmoil, thought I'd play it safe.

Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799480 02/17/21
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Originally Posted by Nebraska
My current bank will let me refi w/ no appraisal fee or closing costs for 10yr at 2.89% or 20yr @ 3.34%. The 20yr option is the longest term for this type of loan. Are there better deals out there and, if so, where? Our credit score is in the low 800s....



I'd find a new bank. I'm refi'ing now for 2.78 at 20yrs.


Taser, taser, taser
Re: Best option for 20-30 yr home refinance. [Re: badger] #15799493 02/17/21
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Originally Posted by badger
Originally Posted by Northman
Get the longest fixed rate loan you can get.. at the lowest possible rate of course.

Then never ever ever pay it of... just keep paying absolute minimum.


When the bank won't let us extend the loan any longer, we will pay it of in one payment.


Seriously? You must be at the very least a govt employee, or a recipient of the taxpayers burden. PAY IT DOWN EARLY! Screw the tax deductible interest "benefit". Any savings on your tax liability, although you probably don't pay taxes, is more than offset by having an asset that is paid for, and having more disposable income not going into a mortgage every month.





^^^^^^^

Free & Clear is Dear.


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Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799519 02/17/21
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Wife and I closed just before Christmas at 2.5% for 20 year term through Guaranteed Rate, who she works for. They had an employee deal where we paid no origination fee and didn't have to do an appraisal.

Makes more sense at these rates not to pay the house off, instead take any extra money and invest it where your money will actually grow.


Just say NO to JOE and the HO!!
Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799520 02/17/21
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Decided to look at a re-fi recently........FICO score of 800

Contacted same/current lender...was 3.25%

I paid the $500 appraisal up front...closing $1800 ish

Now...soon to close by end of month at 2.25% for 15

Just make my old payment and be paid off in 10 yrs

Just don't be in a hurry.....seems its been 6 weeks already....

Lock your low rate in soon---before joe does something else stupid

Re: Best option for 20-30 yr home refinance. [Re: TRnCO] #15799533 02/17/21
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Originally Posted by TRnCO
Wife and I closed just before Christmas at 2.5% for 20 year term through Guaranteed Rate, who she works for. They had an employee deal where we paid no origination fee and didn't have to do an appraisal.

Makes more sense at these rates not to pay the house off, instead take any extra money and invest it where your money will actually grow.

BS, best thing you'll ever do is to get your house paid for free and clear. Being in debt sucks.


Life is good live it while you can.
Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799575 02/17/21
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We signed a 30yr back on 2018 at 4.25..

Refi'ing now at 2.5 on a 20yr. 2000 to close no appraisal

Making the same payment but getting it over with alot earlier. I've set a goal to not work past 60.. means I have 18yrs to pay off a 20yr loan...


Hunt...
Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799576 02/17/21
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pay off debt that is costing 2.5% or invest money and make 15%-20%. I'm not a math wiz, but I think I see the better route.

Your vision may differ.


Just say NO to JOE and the HO!!
Re: Best option for 20-30 yr home refinance. [Re: TRnCO] #15799666 02/17/21
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Originally Posted by TRnCO
pay off debt that is costing 2.5% or invest money and make 15%-20%. I'm not a math wiz, but I think I see the better route.

Your vision may differ.


My vision involves many investment vehicles tanking as soon as the fed turns off the printers.

Good luck.

Re: Best option for 20-30 yr home refinance. [Re: TRnCO] #15799674 02/17/21
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Originally Posted by TRnCO
pay off debt that is costing 2.5% or invest money and make 15%-20%. I'm not a math wiz, but I think I see the better route.

Your vision may differ.


Fair point, but if you fall on hard times, or lose your investments and/or your health, and are unable to earn a living, how would you make that note every month? Peace of mind for me to have the roof over my head paid for. Especially now with Einstein and Cameltoe in the White House. I wouldn't bet on that 15-20% return for long.........


To anger a conservative, lie to him. To annoy a liberal, tell him the truth.

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Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799700 02/17/21
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Old rule of thumb was that you need to save at least 1% and plan on staying where you are for 10 years. If you meet those criteria then it may be worth doing, but you may be ahead to take the $2500 in refi fees and put it on the principal of your current loan. Make up an amortization spread sheet on excel and see how much difference it makes.


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Re: Best option for 20-30 yr home refinance. [Re: TRnCO] #15799705 02/17/21
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Originally Posted by TRnCO
pay off debt that is costing 2.5% or invest money and make 15%-20%. I'm not a math wiz, but I think I see the better route.

Your vision may differ.

It's a valid point. But there is something to be said for not having a mortgage payment to worry about if you lose your job & can't find another. Which is a possibility if the D's manage to screw up the economy. I refi'd in 2015 to a 15yr and am planning on having it paid off in 2023. When people get older & unemployed, sometimes no one wants to hire them. Last thing I need is to lose my house because I can't pay my mortgage.


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Re: Best option for 20-30 yr home refinance. [Re: Nebraska] #15799765 02/17/21
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Paid the house off in December...oh, what a feeling. I never used my VA benefits for buying a house and have had thoughts of refinancing the whole thing through VA, and investing the money, but I just won't take the risk. I can see scenarios that would force me to work until I'm 80 years old if I did that. Not a chance!


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