No-cost refi?

[Anonymous]

Looking to refinance a (barely) conventional loan. Anyone have any luck finding a well priced no-cost refi (meaning "take negative points to offset costs," NOT "roll costs into principal"). I last did this in 2021 and it seems harder to find someone who'll do it now with competitive rates.

[Anonymous]

I don't know if you are serious but rates are really different now than in 2021. You can look at bankrate but you may not find anything good.

[Anonymous]

Aimloan is good and will give you a rate quote without any identifying info or email.

But yeah not gonna beat a 2021 rate, I say as someone who refi'd in 2021 at 2.75% and is never moving

[Anonymous]

This is OP. I sold the old house and its 2.XX rate and have a new house with 2023 interest rates. What I'm not finding are plentiful lenders that will do the no-cost refi the way it was easy to find them in 2021. It's hard enough finding one that'll do 0 points, much less negative points.

[Anonymous]

Do you have enough equity to refinance?

[Anonymous]

Amerisave used to offer these— haven’t checked in a while

[Anonymous]

Anonymous wrote:Amerisave used to offer these— haven’t checked in a while

+1. Also haven't checked in a while.

[Anonymous]

Anonymous wrote:Do you have enough equity to refinance?

Yes.

[Anonymous]

Less competition than in 2021. Lots of loan shops closed their doors and laid off staff

[Anonymous]

Don't know how they work with your suggested flavor of no-cost, but Strong Home Mortgage (local/Manassas, veteran-owned), worked really well with us a couple of years back. Found them through Costco, but was pleasantly surprised. They may not have every lending gizmo, but they were very willing to explore options and answer questions. Rates were at or among the most competitive -- I think they'd have to be to get notice among all the Costco-type mortgage-shopping clearninghouse competition.

YMMV

[Anonymous]

Anonymous wrote:Looking to refinance a (barely) conventional loan. Anyone have any luck finding a well priced no-cost refi (meaning "take negative points to offset costs," NOT "roll costs into principal"). I last did this in 2021 and it seems harder to find someone who'll do it now with competitive rates.

Harder to find because margins are not subsidized as they were through COVID. In short, start w/what you can do w/out increasing the balance of the loan and bringing your mortgage payment to closing. See where that gets you and work from there. This strategy makes it such that you're spending the same as you intended to.

Work your way down to perhaps 2 months of payments to the table since you'll skip a payment anyways along w/receiving your escrow refund. Again, no increased debt and not spending more than you already planned on.