[twin fed]

Originally Posted by Cyberdemon

I considered refinancing last year but couldn't tell if the headache would be worth it, but looks like rates have gone down more since then.

I'm 4+ years into a 30 year with about $460k of $512k balance left @ 3.375%. I'm a bit nervous that my wife impulsively wants to leave NY (even though she has a pension so I'm not sure how realistic that goal of hers is). Does it make sense to try to refi? I still have a bit of PTSD from the paperwork the first time, but maybe the second time around I'll be a pro at it.

Does anyone recommend any lenders they've used? (I'm in NY, currently finance through PNC Bank)

I am basically in the exact same financial situation as you are. I owe a little less and my rate is 3.66%, is a little more. I don't really plan on going anywhere anytime soon, so refinancing is appealing with the current rates. I just contacted my current lender (Chase Bank) and am waiting to hear back. My last house I refinanced was super easy (GreenSky Financial). They took care of everything and even came to my house to do the paperwork.

[infinitekidM2C]

I Finally refinanced. Just didnt have the time and energy to address it before. But i did a 20 year with 2.75%. Reduced my loan years and shaved a little bit off the mortgage payment each month. Win win.

For anyone worried about the hassle it was a lot easier than the original loan process, although i'm sure it varies person to person a bit.

[Pheonix]

Originally Posted by twin fed

I am basically in the exact same financial situation as you are. I owe a little less and my rate is 3.66%, is a little more. I don't really plan on going anywhere anytime soon, so refinancing is appealing with the current rates. I just contacted my current lender (Chase Bank) and am waiting to hear back. My last house I refinanced was super easy (GreenSky Financial). They took care of everything and even came to my house to do the paperwork.

Hopefully Chase will take cartf you! I am current with Chase and they offered me a reduction of 0.375% (to 3%) refinance without doing any paperwork! However, we already in the process of refinancing with another lender to 2.25%.

Originally Posted by TboneS54

Who stays in a house for 30 years anyway?

BRRRR

[RickFLM4]

Yesterday I locked in to a 15-year fixed refi at 2.375%, no points or lender fees and appraisal waived. Of course, like any refi, there are title insurance fees and state fees involved, but no lender fees. Factoring in those 3rd party fees moves the APY to a little over 2.4%.

Today’s movement in 10-year Treasuries not withstanding, the increase in bond yields, general state of the economy, COVID re-openings and gasoline about to be poured in the form of “stimulus” make me believe these low rates will continue to move up. In the absence of another catastrophe, hard to imagine them getting much lower again anytime soon. So I’m pretty happy to get into this rate to refi what’s left on 3.5% primary and 4.25% (but variable) HELOC we used for some renovations. 2.4% is still incredibly low, at least during my lifetime.

[TboneS54]

Agreed. I was just able to lock in last week at 2.85% on my primary (30 yr, coming from 4.25) before rates went up to 3%.

[RickFLM4]

Originally Posted by OnlyGerman

15 Yr 2.5% Total cost including points and upfront taxes/insur to refi around 10k? Coming from a 30yr 4.0%. Should I be concerned about the higher cost if I'm going to paying it off so much quicker and saving ton in interest?

Amount towards Principal on new is $1300 each payment, old was just $430~.
New payment amount would be $450-500 higher. I am OK with this.

Seems like the smart thing to do if I stay in this home, correct?

Upfront funding of escrow for taxes and insurance should not be part of your loan cost / rate determination. They get paid no matter what - whether you refi or not. If you are paying out of pocket to fund escrow for a new mortgage, you should receive the escrow balance from the old lender after the new mortgage closes.