Is it time to refinance or buy??

fabsroman · Mar 25, 2020

Ryan,

You know what my credit rating is. Let me know if it ever makes sense to refi a 3.25% 30 year loan that I am all of 5 months into.

noddaz · Mar 25, 2020

Interesting thought. (I know, I should practice that.) Banks and lenders are getting their money for almost "free", but I do not see the rates dropping much to the common folk.

El_flasko · Mar 25, 2020

grimnar15 said:
I have 3.2% 30 year fixed VA mortgage, any better deals out there?

Not worth messing with 3.2

El_flasko · Mar 25, 2020

Muleskinner said:
My girlfriend just looked into refinancing her house. The interest rate they could get her was so close to her original interest rate there was no point. The rates are changing multiple times a day and they could not promise what the rate would be at the time of closing. With the wild swings there was no way she was going to take that chance

If you enter an application and give me a target rate we lock when it shows up. If it doesn’t, no harm no foul. The rate market is a train wreck right now but good for those prepared and patient.

El_flasko · Mar 25, 2020

fabsroman said:
Ryan,

You know what my credit rating is. Let me know if it ever makes sense to refi a 3.25% 30 year loan that I am all of 5 months into.

If it ever gets to that point...I will.

slsc98 · Mar 25, 2020

And let me know if you ever do any magic in the Hickory-Morganton area of WNC!

El_flasko · Mar 26, 2020

slsc98 said:
And let me know if you ever do any magic in the Hickory-Morganton area of WNC!

Licensed in NC

slsc98 · Mar 26, 2020

El_flasko said:
Licensed in NC

Kazaam! We’re at 4-3/8 on a 30 fixed; talking with the Admiral over tomorrow morning’s coffee :party29:

DraKhen99 · Apr 2, 2020

I sent you an email a couple of minutes ago. Wife brought it up (again) and asked if now was a good time. I think it is, looking forward to hearing from you!

-John

Batt816 · Apr 18, 2020

Just wanted to bump this thread. Curious if things are calming down or is the mortgage game still a train wreck?

EarnestT · Apr 18, 2020

I was under the impression banks were not doing any loans at this time. My construction loan was stopped cold. Was told they are not doing any lending at this time.

BigCountry14 · Apr 18, 2020

I've been trying to get someone to call me back....no one.

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Batt816 · Apr 18, 2020

EarnestT said:
I was under the impression banks were not doing any loans at this time. My construction loan was stopped cold. Was told they are not doing any lending at this time.

Really? That seems crazy, especially if you already had started the process.

FrankOceanXray · Apr 18, 2020

Closed yesterday, Ryan.

Thanks. Little money coming back soon I'd imagine. Better rate, seems best one going really. Always smooth with Ryan. Even when I'm the knucklehead, missing docs, etc Ryan is gracious. Thank you.

daNattyFatty · Apr 18, 2020

EarnestT said:
I was under the impression banks were not doing any loans at this time. My construction loan was stopped cold. Was told they are not doing any lending at this time.

From what I’ve read, it’s a few banks that are tightening qualifications. 700 credit score, at least 20% equity, etc

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Batt816 · Apr 18, 2020

I need to do something soon. I talked to a few people (including Ryan) just before corona, then decided to wait a bit and see if rates went down any more. I’m currently @ 5.47% so I know I’m going to save tons when I decide to pull the trigger.

daNattyFatty · Apr 18, 2020

Batt816 said:
I need to do something soon. I talked to a few people (including Ryan) just before corona, then decided to wait a bit and see if rates went down any more. I’m currently @ 5.47% so I know I’m going to save tons when I decide to pull the trigger.

Don’t wait. Contact someone first thing Monday morning.

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EarnestT · Apr 18, 2020

daNattyFatty said:
From what I’ve read, it’s a few banks that are tightening qualifications. 700 credit score, at least 20% equity, etc

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I am already approved, good credit etc.

daNattyFatty · Apr 18, 2020

EarnestT said:
I am already approved, good credit etc.

Congrats and good luck. I just closed last week.

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niftyvt · Apr 18, 2020

Just closed on a 3.125% 30 year fixed a few weeks ago. Saved over $500 a month. Closing costs paid off with the monthly savings in only a few months. Only had the original loan the wife and I used to buy our place for a little over a year. Long enough for the house to appreciate over 30k. Basically perfect timing for everything.

Is it time to refinance or buy??

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