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I planned to do Refi on my 9-month mortgage after seeing some rates drops recently. I have asked the lender for No cost refi.
What are my options on the table going with No cost refi?
Lender pulled my credit and it's in 744 across as I was told.
Well, I've never met an attorney, appraiser and loan officer that work for free, but as long as you realize that their 'fees' are hidden and paid for by the bank in some way shape or form and you are still getting a deal you are happy with then by all means go for it.
The rates on the US 10 YR Treasury bond yield (the barometer for mortgage rates in America) has plunged from it's high of 3.25% last year to 2.125% in the last couple weeks so the opportunities to refinance are out there to say the least and as a consumer, you can profit from this move by taking advantage of the opportunity.
Congrats!
@NC_Mtg_Loaner wrote:Well, I've never met an attorney, appraiser and loan officer that work for free, but as long as you realize that their 'fees' are hidden and paid for by the bank in some way shape or form and you are still getting a deal you are happy with then by all means go for it.
The rates on the US 10 YR Treasury bond yield (the barometer for mortgage rates in America) has plunged from it's high of 3.25% last year to 2.125% in the last couple weeks so the opportunities to refinance are out there to say the least and as a consumer, you can profit from this move by taking advantage of the opportunity.
Congrats!
I suspect you're right on this one: I think no cost is basically not on the table; if OP's trying to do it without money out of pocket it's usually considered a cash-out refi and rolled into the loan as I understand it. I know I absolutely positively won't be doing that in California, smokes my get free out of jail card if things really go sideways: I'll be bringing the fistful of cash to closing personally.
I need to go check rates again, been spot checking but didn't really look at the last few weeks.
My current mortgage rate is 4.625%
Is it worth if i get any refi rates of 0.5% reduced from my current one provided with no cost for refi? I am just guessing a number.
@GetMeSlick wrote:My current mortgage rate is 4.625%
Is it worth if i get any refi rates of 0.5% reduced from my current one provided with no cost for refi? I am just guessing a number.
The rule of thumb is if the increase is not at least 2% lower (2.625), it's not worth it and especially if you're not planning on keeping the home for another 7 years. However, 1.5% lower may be okay if you're not paying any closing costs. Just my 2cents
I get that part of refi pros being getting atleast 2% lesser than current rate.
What am i missing here if i do the refi now down the line/future refi's.
Will i still get refi offers in future if i do a refi now on my existing 8 months mortgage?
What's your loan balance?
@NC_Mtg_Loaner wrote:What's your loan balance?
$449k is current balance.