Got offered 2.75 today no points on a 30 year refi. Planning to pull the trigger. Any of our resident mortgage guys want a shot at the business before I do?

I cannot quote a rate and term based on your post. My best is 2.75 but that is for a very good loan. My contact info is in my profile if you want a real offer

could be good, could be not so good depending on loan to value, credit score, total costs, cash out vs no cash out. To many variables but plenty of loans to be had less then that but just depends on the details.

Rather than refi, check with who your current loan is with and whether they will adjust rate. and simply re-amortize.

I have a loan with Chase and unsolicited they sent me an offer to go from 3.75% to 3.125% roughly 20 months into the 30 year loan. One time fee of $4,300 added to principal and the monthly payment lowered by just over $200. No extension on the note - truly re-amortize with the fee. So another 20 months and I and I am in the money - in theory for 26 years.

If your mortgage is still carried by a bank and not sold off, call the bank and see what they can do.

aggiefan2002 said:

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Got offered 2.75 today no points on a 30 year refi. Planning to pull the trigger. Any of our resident mortgage guys want a shot at the business before I do?

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I'd be happy to take a look at rates with some additional info. Shoot me an email and I can get you what I need.

bbailey@gomycity.com

I'm about to close on a new house next week. Locked in at 2.75% on a 30 with no points. Was told by 2 different lenders that was about as good as current rates are. Depending on the day, it may bounce up or down 1/8% but 2.75% was a pretty good average to judge by.

Ag97 said:

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I'm about to close on a new house next week. Locked in at 2.75% on a 30 with no points. Was told by 2 different lenders that was about as good as current rates are. Depending on the day, it may bounce up or down 1/8% but 2.75% was a pretty good average to judge by.

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Lot's of variables to a rate, so it really is hard to say without knowing more specifics. Your rate could be really good, or it could be off a little, but hard to say honestly. Historically speaking, 2.75% is a great rate, but just need more info.

Congrats on the new home Ag97! Exciting times.

bbailey@gomycity.com

This equated to between 0.5 to 0.75 points on the balance of the loan, no other costs than the $4,300.

Its a jumbo and I am self-employed so I took the deal.

Fair enough but that is a good example of why "what is the rate today" threads can be dangerous as the rates depends on a ton of factors including some that have been mentioned here but a lot that have not. Jumbo is a huge one but the reason you were even offered that option is because you had a portfolio loan because it was a jumbo loan. That means the servicer actually still held the loan where conventional loans by definition the servicer no longer owns the note because that was sold to Fannie/Freddie.

Jay@AgsReward.com said:

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Fair enough but that is a good example of why "what is the rate today" threads can be dangerous as the rates depends on a ton of factors including some that have been mentioned here but a lot that have not. Jumbo is a huge one but the reason you were even offered that option is because you had a portfolio loan because it was a jumbo loan. That means the servicer actually still held the loan where conventional loans by definition the servicer no longer owns the note because that was sold to Fannie/Freddie.

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Absolutely on point. Hell, rates for jumbos can vary by hour on who is hungry to either invest in a mortgage or in a certain market to hedge against others. I swung hard for a refi in the 2's but it just would not happen.

If you are self-employed, particularly if you are gunning for a non-conforming note, my advice would be to have your papers in order comrade. Being able to supply information quickly helps a ton.

And that was another positive on the rate change. Literally signed one piece of paper, overnighted on a Monday for a Tuesday delivery, and my loan payment information was updated at Chase.com by Friday.