Thanks, Steve. I'll touch base tomorrow. I'm not trying to take out more money. I'll do 60% on what I paid. Note, I've done about 10k in upgrades so that true LTV will be lower. I would add I'm not looking for a long term loan or amortization. I'd love to do a variable say 5 year with a balloon or adjustment.

Love to compete for your business as well. Rates should be in the 3's even for an investment duplex at that low loan to value.

Thanks. I'll reach out to both of you tomorrow and move forward one way or another. Value as it sits today is about 400k. PP was 385k. Great location; stays leased. Looking for loan proceeds of say $230k or 60% of PP. Would support higher, but I don't want to max out; would rather have a better rate.

Anyone lock in on a 20-30 yr mortgage in the last few weeks? Just curious what the rates are looking like now. Thanks and Gig 'em!

30 year fixed at 2.5% for a vacation home/short term rental.

Locked in on 2.625% for a 30 year with enough of a credit to cover all closing expenses.

About to lock in a 1.9!

Yes 30 year. 80% ltv. It would be a cash out refi for 90k. 10k in points to bring it down that low. Maybe ~3k closing costs. Otherwise it would be 2.8% if nothing down.

Mulling it over. Sub 2% sounds cool.

VA loan?

What's the math on saving 0.7% for $10k over 30 years? $90k loan or cash out?

It would be 90k cash out. 248k loan over 30 years.

I had a typo, it would be 2.8% without the 10k down. I'll edit above.

7+ year payback

Not sure that was a wise use of $10k paid now. Total interest paid over 30 years is $33k. So you saved $23k but investing $10k at a 2.75% yield Is $23k.

Well I haven't done it yet. Which is why I said I'm mulling it over. Not sure I am understanding what you are getting at. The difference in interest paid on 248k from 2.8% to 1.9% is more like 41k.

Going no points, putting all 90k back into the house.

For those not wanting to refinance, ask you lender if they have a program to lower the interest rate without refinancing.

My lender is reducing my rate to 3.25%. Yes, you can get lower, but I paid $0 in costs. I don't have mounds of paperwork to read and sign. No inspection. No title fees. No nothing. Same loan, with the same amount of time and I am receiving a reduction in rate. Can't beat that.

Also interested in this. We only plan to stay in our house for 3-4 more years, my current rate is 3.5% on a 15 year, so nothing has seemed worth it. Maybe my math is wrong?

Drop downs are lender specific so call them. Mine would not at the time I contacted them. Wells used to but that was years ago.

It's worth looking into. You can usually get a large enough lender credit to offset the expenses, but you get a slightly higher interest rate. Size of the credit usually depends on mortgage size. So if market rate is 2.5%, you may be able to get something like 2.75% but with a large enough credit to cover all expenses (still may have to replenish the escrow). I think current 15 year rates are sub-2.5%.

There are several mortgage guys on here or the real estate board that could probably help (off the top of my head Jay, Bott, others).

Anyone lock-in in the last month or two? Just curious where 20-30 year mortgage (not refinance) rates are now.

Closed on a refinance mid December. Got a rate of 2.8 on an 30 yr conventional.

Bah, just re-read your post, so that's probably not of value to you

I currently have a 3.75% rate bought the house 18 months ago... should I start the Refi process... not sure how long I will be in the house.

Probably. Depends on how large your loan is.

I refi'ed with negative points which was able to get me a good rate with minimal closing costs.

LeftyAg89 said:

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Anyone lock-in in the last month or two? Just curious where 20-30 year mortgage (not refinance) rates are now.

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I just closed a 30 year refi on my primary at 2.375% at par. My neighbor timed her refi a bit better and got 2.25% at par. Lots of variables go into that though. You have to speak directly with lenders to see what kind of rate you can get today.

The market has moved up pretty significantly the last week and a half. Whatever lock you have from a now you are not going to see better today.

Bad luck on the timing for us... we are expected to close on our new build around mid to late March. Ugh

Some of my lenders are still offering good purchase offerings

CivilAg10 said:

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Closed on a refinance mid December. Got a rate of 2.8 on an 30 yr conventional.

Bah, just re-read your post, so that's probably not of value to you

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Ditto but got 2.9.

Closed a 30 year refi yesterday at 2.5% with 5/8 point paid back to me. This is my fourth refi on my house and every time I thought it was my last. I'll be pretty surprised if this one isn't.

Called to see if I could just drop the rate without refinance today and they said that to do that I'd have to put down at least $10,000 curtailment and then a $300 non refundable fee. He didn't have all the details. Said I would have to email and let them know my plans and then they would review and tell me what my rate would be. Figure I'll just pass. I'm at 3.75 right now.