i thought we had the mortgage to end all mortgages

[Anonymous]

We have a 3.5% 15 year loan for around $450K - less than 2 years old. I see now rates near 2.5% for 15 year which would reduce our monthly payment $500. Has anyone done a recent 15 year loan? With whom and what rate / points did you pay (or any other expenses other than prepaids)? Trying to figure out if it makes sense to do yet another refinance! This is crazy.

[Anonymous]

if you plan to stay in your house, then do it.

[Anonymous]

Try Quicken Loans.. streamlined online procedures are pretty cheap and fairly painless.

[Anonymous]

Anonymous wrote:Try Quicken Loans.. streamlined online procedures are pretty cheap and fairly painless.

Our current mortgage is with BOA. Is working with Quicken still easier than a refi with your current bank?

[Anonymous]

Oh my god, nothing is harder than dealing with BofA. Talk to a mortgage broker, a non-BofA big bank, a local bank and a credit union if you belong to one and see who has the best deal.

You can do even better if you can get your loan amount under $417K, by the way.

[Anonymous]

Anonymous wrote:Oh my god, nothing is harder than dealing with BofA. Talk to a mortgage broker, a non-BofA big bank, a local bank and a credit union if you belong to one and see who has the best deal.

You can do even better if you can get your loan amount under $417K, by the way.

I should have indicated that I was a NP and not the OP but thanks very much for the great advice! Actually, BofA has been easy to work with for our last two home mortgages, but I keep hearing that Quicken or PenFed (I'm a "member") might be better.

[Anonymous]

2 7/8ths with Wells Fargo, excellent credit. 0 points.

[Anonymous]

I have consistently thought we had a fantastic mortgage since we bought in 2001 (at 6.25, and the seller said "where did you get that rate?").

We have since refi'd probably 6 or 7 times, but we pretty much always do "no cost" refis, with a slightly higher interest rate. We're now at 2.75% for a 10 year and I think that is actually our last mortgage...

[Anonymous]

Anonymous wrote:I have consistently thought we had a fantastic mortgage since we bought in 2001 (at 6.25, and the seller said "where did you get that rate?").

We have since refi'd probably 6 or 7 times, but we pretty much always do "no cost" refis, with a slightly higher interest rate. We're now at 2.75% for a 10 year and I think that is actually our last mortgage...

Who are you using for your no-cost refis?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have consistently thought we had a fantastic mortgage since we bought in 2001 (at 6.25, and the seller said "where did you get that rate?").

We have since refi'd probably 6 or 7 times, but we pretty much always do "no cost" refis, with a slightly higher interest rate. We're now at 2.75% for a 10 year and I think that is actually our last mortgage...

Who are you using for your no-cost refis?

+1

[Anonymous]

The bank I used for the first few was swallowed up by another bank and the deals weren't as good. Lately I've been using Amerisave, but I've heard Eagle bank also has some good deals.

The point of my post was really that for about 10 years people have thought rates couldn't get any lower, but they have and as long as you don't spend a lot of your money in the transaction, even a 1/4 point drop in the rate can be worthwhile to refi (depending on your circumstances). IME most people overestimate how long they will have a given loan (and so they spend too much on points and refi costs).

[Anonymous]

We're about to do our third no-cost re-fi with Suntrust, fyi

[Anonymous]

Just locked rate on a no-cost refi with Loan Depot. 2.825% on 15 yr $417K (no-cost includes $4000 Lender credit which should cover all closing costs)

[Anonymous]

Anonymous wrote:Just locked rate on a no-cost refi with Loan Depot. 2.825% on 15 yr $417K (no-cost includes $4000 Lender credit which should cover all closing costs)

What is your existing payoff statement amount and how much is the new loan amount?