Refinancing options for 0% Down Mortgage

[Flexfanatic]

I think its expected that there will be another rate cut due to COVID-19 and I think its going to try refinancing my current mortgage loan I have though NASA FCU. I reached out to them today but I can't speak to a loan officer until the week day.

My current loan is a 0% down loan with a rate of 5.625% and no PMI. I could not get their current rates today but looking around I looks like I could save around $400 in monthly payments (savings does not include possible PMI I'll need to pay with new loan). Are they options out there for refinancing without up front fees (can closing be wrapped into the loan)? 

I'm trying to run the numbers before speaking with different local banks/credit unions to see if it makes sense (been using https://www.calculatestuff.com/financial/refinance-calculator?current_loan_balance=394271.56&current...)

[NC_Mtg_Loaner]

Of course you have no external PMI @5.625% because it's most likely already built into that low rate. 

How much do you currently owe and how much is your home worth?

This will help you figure out whether a new loan requires PMI or not.

[Flexfanatic]

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@NC_Mtg_Loaner wrote:

Of course you have no external PMI @5.625% because it's most likely already built into that low rate. 

How much do you currently owe and how much is your home worth?

This will help you figure out whether a new loan requires PMI or not.

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I understand that the PMI is built into my current loan rate and based on what I owe and what my home is worth (not having an appraisal I'm using MLS sold homes and public records) I would have to pay PMI.

[CreditInspired]

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@Flexfanatic wrote:

I think its expected that there will be another rate cut due to COVID-19 and I think its going to try refinancing my current mortgage loan I have though NASA FCU. I reached out to them today but I can't speak to a loan officer until the week day.

My current loan is a 0% down loan with a rate of 5.625% and no PMI. I could not get their current rates today but looking around I looks like I could save around $400 in monthly payments (savings does not include possible PMI I'll need to pay with new loan). Are they options out there for refinancing without up front fees (can closing be wrapped into the loan)? 

I'm trying to run the numbers before speaking with different local banks/credit unions to see if it makes sense (been using https://www.calculatestuff.com/financial/refinance-calculator?current_loan_balance=394271.56&current...)

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I checked with NFCU last week and with  excellent credit, they were offering refinancing at 3.25% on 3/5 ARM with 0 points, 0 origination fee, no PMI. And if you wanted a lower interest rate, points and origination fee increased. And yes, any closing cost can be included in the mortgage as long as LTV was 95%. The reason I'm looking at a 3/5 ARM is because my goal is to not to live there longer than 3 years. 

[Flexfanatic]

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@CreditInspired wrote:

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@Flexfanatic wrote:

I think its expected that there will be another rate cut due to COVID-19 and I think its going to try refinancing my current mortgage loan I have though NASA FCU. I reached out to them today but I can't speak to a loan officer until the week day.

My current loan is a 0% down loan with a rate of 5.625% and no PMI. I could not get their current rates today but looking around I looks like I could save around $400 in monthly payments (savings does not include possible PMI I'll need to pay with new loan). Are they options out there for refinancing without up front fees (can closing be wrapped into the loan)? 

I'm trying to run the numbers before speaking with different local banks/credit unions to see if it makes sense (been using https://www.calculatestuff.com/financial/refinance-calculator?current_loan_balance=394271.56&current...)

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I checked with NFCU last week and with  excellent credit, they were offering refinancing at 3.25% on 3/5 ARM with 0 points, 0 origination fee, no PMI. And if you wanted a lower interest rate, points and origination fee increased. And yes, any closing cost can be included in the mortgage as long as LTV was 95%. The reason I'm looking at a 3/5 ARM is because my goal is to not to live there longer than 3 years. 

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Thanks, just the type of information I was looking for. My scores are in the 800's and my wife is currently a NFCU member so I'll look at them as well and see if it makes sense to become a member. The 3/5 ARM is tempting but for me plans can change on how long I'll be in the home (I hate moving  )