I just bought a house and got a 3.5% rate. It's a VA loan though with zero down. Is there any possible way i can get in on this lol?
You have a VA Loan, of course you can look into this. You may even be able to do a streamline refinance with no income or appraisal. Just pay closing cost, wrap it up in a few weeks.
I might need to look into this, but I haven't had my place for a year yet? I'm pretty new to being a homeowner in general but I was told to wait at least a year before refinancing??
You can refinance when it makes sense for you to do it. if the rate is low enough, you may not ever have to refi again unless you are trying to get cash out or just lower your payments. Look into. It doesn't cost you anything but time to see if you can save yourself 10's of thousands of dollars over the life of your loan.
There's a rumor at work saying that the WSJ Prime Rate is expected to fall another .25% soon. The applications I'm processing are almost 2 weeks old before they even get to me. There isn't enough appraisers to keep up with our demand. And yet the powers at be decide to start shrinking staff even though our new hire class won't be ready for another 4 months.
All I really have to say here is that if you decide to get in on this, just be patient with all parties involved.
for real. it's already been crazy on my side. it's only gonna get crazier of over the next few week.
I'm already doing a TON of Home Equity line (seriously, hit me up, HELOCS starting as low a 2.74% right now) if they drop the Prime Rate again... it only gets better for all involved.
So.... I'm paying a fixed 4% interest rate over 30 years on an FHA loan. Your saying I should look into refinancing? 2.8% sounds amazing, even 4% was considered good when I bought my house.
The only catch for me though is I just bought my house last year.
you may not get away from the PMI, but you can most likely lower the amount your paying your rate on the overall mortgage.
Just make sure the closing cost and funding fee are worth the cost. You could also possibly get into a program that's not FHA, which means you might not have to refinance again later to drop that Mortgage Insurance
I think we're paying 4.5% right now but on a $247,000 note supposedly the fees would be like 2 to 6% of the note amount? So $5,000 minimum?
We might not live in our house long enough for the difference on the interest to make that up. That's just a silly amount of money to spend up front.
We bought our house during a relocation so all closing costs were paid for by her company. Guess we'll just wait and see where her job takes her next instead.
wrap the cost into the loan. Hopefully the saving pays back the cost in the first 3 year. If you plan on selling in 5 years, the the cost is negligible anyway if your saving money in the short term now. Housing values will continue to creep upwards. you'll more than make the money back in a few years if you end up selling.
I wish I knew more about buying homes lol any good research I can do. Got a pretty good income and hot ass credit score, and paying way to much for a small ass apartment.
I messaged a lender we used for our mortgage about this on Thursday and haven't heard back- I imagine they're busy/maybe not incentivized to do business.
Guess I should try another one?
I wonder if we give the ResertEra discount....
I'll have to look into that. ;)
