Cash-out refinance rate 3.375%

CreditJim · ‎08-25-2019

I've been looking at a cash-out refinance for a few months now, and was exploring the rates a couple of weeks ago with a local lender, who was offering 3.99% on a 30 year fixed. I was seeing rates a bit lower in the news, so I decided to start exploring online lenders on Zillow, and contacted the bank offering the lowest rates. They offered 3.375% for a 30 year fixed, so I locked the rate that day and applied. Everything appears to be going smoothly, but this rate seems lower than anything I've seen in the news or elsewhere, which is making me worry, is it legit?

Anonymous · ‎08-25-2019

Could be a points rate? (I.E. say you pay .25 or .50 points of the mortgage amount to get the 3.375 rate)

CreditJim · ‎08-25-2019

Paying no points!

msrecruiter · ‎08-26-2019

What bank is this? I wish I wasn’t far into my loan process. I would swap over. My rate is 3.75 (no cash refinance) with Navy Federal and that’s their best rate currently without buying points.

MauiMan85297 · ‎08-26-2019

Is is FHA SL or VA IRRRL? Good rate if it's FHA, VA we have 3.0% with no points-

CreditJim · ‎08-26-2019

This is with a broker in Kansas, not sure if I'm allowed to post the name?

It's a conventional mortgage. The appraisers just left so I will be keeping my fingers crossed, but everything is moving quickly so far.

MauiMan85297 · ‎08-26-2019

Without knowing the particulars (loan amount, est appraised value) about the loan and your score it's a tad vague but a 3.375% rate on a CNV cash out is excellent. Based on a 760+ score with a loan amount in the 300-400k range the rate you received with no points is............Fantastic!!! Run with that rate.

msrecruiter · ‎08-26-2019

I totally agree! SPRINT!!!

Yolanda

Anonymous · ‎09-20-2019

I too was able to lock in @ 3.375 with $50k cash out on 9/4. I had 8 LEs. My Credit union, along with 2 other lenders, provided rate, lender credit and closing costs matching. I pitted the 2 against each other, then took the best LE to Canvas Credit Union here in Denver.

$250K loan amount, including $50k cash out, against a home value of $400k - LTV 62.5%

30 Yr Fixed Conventional

3.375 - no origination with $934 Lender Credit

$875 (Appraisal, credit report, fllod cert, tax service and income verification)

$995 Title services (I shopped these, down from $2600, $2300 and $1250)

So bottom line - $1027 Closing Costs or ~0.4% of loan value. I did not include taxes, prepaids and escrows for obvious reasons.

Last minute, I shopped the final LE, just to be told by multiple lenders, "lock that in and take it to the bank!" and "Hell of a deal!" Boom!

CreditJim · ‎09-20-2019

@Anonymous wrote:
I too was able to lock in @ 3.375 with $50k cash out on 9/4. I had 8 LEs. My Credit union, along with 2 other lenders, provided rate, lender credit and closing costs matching. I pitted the 2 against each other, then took the best LE to Canvas Credit Union here in Denver.

$250K loan amount, including $50k cash out, against a home value of $400k - LTV 62.5%
30 Yr Fixed Conventional
3.375 - no origination with $934 Lender Credit
$875 (Appraisal, credit report, fllod cert, tax service and income verification)
$995 Title services (I shopped these, down from $2600, $2300 and $1250)

So bottom line - $1027 Closing Costs or ~0.4% of loan value. I did not include taxes, prepaids and escrows for obvious reasons.

Last minute, I shopped the final LE, just to be told by multiple lenders, "lock that in and take it to the bank!" and "Hell of a deal!" Boom!

That's great! I just closed on mine yesterday. There's a 3 day cooling-off period in Texas, so it'll fund Tuesday. We got 3.375% with no origination and a $1730 lender credit. $679 in appraisal, credit report and verification fee. The biggest cost for us in Texas is the title services. I too shopped it around. The lender's choice was $4k. The best I managed to get was $3500, after a $600 credit from using the title company we did our last title work with. Sucks the title work is so expensive in Texas.

We cashed out $115k. Loan is $415k. Home value $615k.

I asked the closer what the best rate they'd seen was, and they said this was, by far. I also asked the broker out of interest, and he said he thinks this was as low as they got before shooting back up in the past week.

That's my first refinance and I doubt I'll ever be refinancing this loan, at that rate.