Banks or Credit Unions with best rates and Closing costs for refinance right now?

I refinanced into a 15 year fixed 3.125% mortgage in December, thinking interest rates that low were historical.  Well, they were a part of the history of the declining interest rates that were to come with Coronavirus, but I didn't know about that. 

So I'm now trying to find a bank or credit union with the best rates on a 30 year fixed, thinking I would actually like to move back to a 30 year fixed if I can get a similar interest rate as I'm paying now on my 15 year fixed.  Someone on here had mentioned how they got an insanely good interest rate on a refinance.  I know this isn't directly YNAB-related, but I want to get the best deal I can find, so please share your secrets, oh ye with the great rates and low/no closing cost refinance deals.   Pretty please.

 

Thank you so kindly!

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  • I would check places like Mortgage Professor, LenderFi, Better.com, Bankrate.com and look for the best rates with no closing costs. These use brokers that find the bets rates for you.

    Rates have climbed a bit the last week or two (they seem to have bottomed the week of May 28), so you may be hard pressed to find a 30 year that low right now.

    I refied into a 2.625% 15 year loan from a 3.5% 20 year loan a couple months ago. No closing credits, no points, so I did have closing costs.... but the break even was 11 months.

    Like 2
      • PhysicsGal
      • Nerdy female homo sapien
      • physicsgal
      • 5 mths ago
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      nolesrule Thanks! I found a 30 year fixed where the interest rate is what I have now, 3.125%, with Better.com, although I will have to pay significant closing costs of almost $7k, yikes. But right now I like the idea of having a lower obligation to pay each month to keep my house yet paying the same interest rate.

      Plus I will refinance my 1st and what's left of my HEL (~$9k) and just be debt free and done with it, so I'm not still having psychological baggage from my ex weighing me down (HEL was to pay him off in my divorce a year ago, was originally $28k), which that payment does to me, and it's at 5.85% to boot.  Then I can save to replace my 1999 Chevy Lumina "Dave Ramsey hooptie" with a car that isn't always having issues and was made after Y2K, and pay in cash.  The 15 year fixed was a bit of a stretch anyways, payment-wise, but I liked that low rate, so this is a win win, even with closing costs, IMO, over the 30 years of loan; if I keep it that long, although it's such a great inflation hedge, I'm not sure I will, tbqh.  I just can't turn down the same rate on a 30 year fixed, it's just too good.  I realize now that paying off my house early is not my highest priority right now, but having a safe and reliable car and finishing up my 6 month emergency fund are, which I can do sooner with the lower payment.  Also, at this point in time I'd rather not be reliant on a side gig to cover my 4 walls and not be stretched, so that's another advantage.  I can't believe my P+I will be $807!

      Also, thanks to YNAB I can confidently not use an escrow account and save myself a tiny bit of money because I will make a little interest on my savings in my HYSA (not very HY right now but I'll take it) and be in charge of paying my own bills for taxes and insurance.  And that will also make it easier to shop around for insurance ever year or two.

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      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 5 mths ago
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      PhysicsGal I wouldn't pay that much in closing costs. Keeping the same rate but going to a longer term is already going to cost you a lot more money. I wouldn't pay someone an extra $7k for the privilege. 

      Like 2
      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 5 mths ago
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      PhysicsGal look into a 20 year. You might be able to get the same interest rate for less out of pocket. 

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      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 5 mths ago
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      PhysicsGal I agree with nolesrule. You can find a better deal. A good broker will always beat what you see online. You might ask around to see if somebody in your area has used one.

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      • PhysicsGal
      • Nerdy female homo sapien
      • physicsgal
      • 5 mths ago
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      Thanks!  I found a local credit union with much lower closing costs AND a lower rate of 3%, for the 30 year fixed.  

      Like 5
      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 5 mths ago
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      PhysicsGal Great! Also keep in mind that you get to skip a month of payments in the process. I made my June payment early but won't have my first payment on the new loan until Aug. 1. Of course you're paying some of that and more in closing costs but it balances it out a bit.

      Like 1
      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 5 mths ago
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      Superbone yeah, that skipped payment is nice. Pretty much took care of our closing costs. Just had to jiggle the budget a little to switch the months.

      Like 2
      • WordTenor
      • I have the honor to be your obedient servant
      • WordTenor
      • 5 mths ago
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      nolesrule @Superbone   Trying to figure out the best thing to do with my skipped payment. A couple bucks will go to paying the final payment for my financial planner but I'll be left with several hundred. Plow into principal, invest in IRA, cushion self-escrow, buy patio bricks? 

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      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 5 mths ago
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      WordTenor Depends. Do you generally already max out your IRA annually? If not, then the IRA would be a good place for it. Otherwise, it's your priorities. I can tell you what I'd so with it if it was "extra" money, but I'm not you.

      Like 1
      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 5 mths ago
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      WordTenor Exactly, it's all about your priorities. I've got all pre-taxed vehicles maxed out, pretty much every category covered, plenty of cash, so I plow all my extra into my taxable stock market account. VTSAX to be specific. I have zero desire to put any extra into my mortgage as it just ties up the funds into a low percentage vehicle which I'll be selling in about 5 years. It would be like telling my mortgage, "Hold my beer." 😝

      If you need patio bricks and you feel comfortable with everything else, buy patio bricks! You also have to enjoy the journey, in my book. Some of that FIRE crowd takes it a little too far for my tastes. Plus, you got a great, early start and you know what you're doing so whatever you end up doing will most likely end well.

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      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
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      Superbone I'd rather have a fire pit than FIRE. But since I'm plowing extra into taxable as well, I might be able to FIRE anyway, even if it's only a few years early.

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      • PhysicsGal
      • Nerdy female homo sapien
      • physicsgal
      • 5 mths ago
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      nolesrule said:
      I'd rather have a fire pit than FIRE.

       Ha ha ha, I loved this pun, but I'm a pun fanatic.

      Like 2
  • I'm signing papers this week to close on a 30 year fixed at 2.875%. $4k in closing credits, no points. Mine is through a broker through Quicken Loans. But I locked that in 30 days ago yesterday. They had to extend it because QL was dragging their feet on getting info they needed. I would always get them any requested info within 24 hours. I have a 830 credit score and plenty of cash so it was a no brainer for them yet they've been very slow to process it. It's been driving my broker crazy. The good thing is the QL has a very good record on the servicing side once you get the loan.

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      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 5 mths ago
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      Superbone California seems to be getting some of the best rates. Not really fair to the rest of us.

      Yes, rates are location dependent, as are the costs involved with closing as many of them are fixed or on set rate schedules determined by government.

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      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 5 mths ago
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      nolesrule I do know I got a large credit on this loan and they have gone way down since then but I'm curious why they're location dependent. Maybe due to higher housing costs like we have here?

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      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 5 mths ago
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      Superbone I really have no idea. But it's not fair. I would have loved your deal.

      Like 2
  • For all the refinancers in this thread:

    Like 3
      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 5 mths ago
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      WordTenor thank you for making me feel old. That song is 22 years old.

      Like 1
      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 5 mths ago
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      WordTenor There's no trombone in there so I'm not familiar with it. 😜But I liked it. This week is indeed "closing time" for me. 🙂Thanks!

      Like 1
    • Superbone 

      Sounds like it's just a midi here, but I always wondered if you actually play trombone...

      https://youtu.be/y_wxtrqpwAM

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      • PhysicsGal
      • Nerdy female homo sapien
      • physicsgal
      • 5 mths ago
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      nolesrule And still so good!!!! 

      Like 1
      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 5 mths ago
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      Move Light Sound Life I do. And I’ve been playing a lot lately. In exciting news, I just this week made an online purchase of a vintage trombone made in 1955 that I can’t wait to get my hands on. It is silver and gold plated. A beautiful horn. If I get a chance, I’ll upload a picture of the bell.

      Yeah, it’s very tough for me to listen to midi horns like that. Gotta be the real thing.

      Like 6
      • WordTenor
      • I have the honor to be your obedient servant
      • WordTenor
      • 5 mths ago
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      nolesrule Making you feel old would be adding that this was a favorite for rolling down the windows and singing aloud because it was top of the chart the summer I got my drivers’ license. 😂

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      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 5 mths ago
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      WordTenor I remember that summer well. I got married that summer. And with my "work" in Arena Football I was doing a lot of driving listening to  top 40 stations on empty highways at 1-2am.

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      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 5 mths ago
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      Move Light Sound Life  My new (vintage) baby:

        

      Like 9
    • Superbone Ah! It is beautiful! I'm a woodwind person myself, so I don't know much about specific horns, but I really respected the musicianship of the trombonists at the institution where I studied. I hope you enjoy playing it! 

      I need to play more... My current profession doesn't afford as much opportunity, but summer is a great time to try again. I always feel better, for so many reasons! If only YNAB principles for time worked as well as they do for money. 

      And yes, I couldn't listen to the whole midi either, which sent me on some good reflection about its utilitarion function, and whether such examples can actually be classed as music. Other languages distinguish between notation and music, so a midi is more akin to digitized aural notation that requires a human musical imagination to bring it to life.  I'm reserving judgement.

      And to bring this back to the topic... See, YNAB helps people get their finances in order, which allows them to maximize financial opportunities like refinancing, which provides more room to participate in the finer, more meaningful experiences in life - like music. 😄

      Like 3
      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 5 mths ago
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      Move Light Sound Life Ha ha! Beautiful post with an excellent  summation. As I was reading your description of midi, it brought to mind its similarities to text to speech synthesis. It is getting closer and closer to reality. Same with midi, there are some pretty good instrument representations available. Still, not the same. Both still struggle with delivery in the case of text to speech and musicianship in midi performances.

      Also, my mom is a professional flute and piccolo player so I get you woodwinists. 😉

      And as far as getting back on topic, I've got nothing. 😄

      Like 1
      • PhysicsGal
      • Nerdy female homo sapien
      • physicsgal
      • 5 mths ago
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      I am trying to start practicing piano again, so the music talk is a great reminder.  I really want to get better but, despite more time at home than ever before, I have not been practicing regularly.  I'm finding it harder to stick to routines, which is part of the problem.

      Like 2
  • List is were at now? Are we a music app now? 

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      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 5 mths ago
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      Magenta Mixer Did you mean Liszt?

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  • I would recommend you to checkout BECU credit union first because this is the only credit union where you can get 3.526 APR with 12 year no fee structure and also you don't pay an origination fee on fixed-rate or adjustable-rate mortgage home loans for purchase and refinance transactions

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