Mortgage refinancing

What rates are people getting? I was quoted 3% on a 30-year fixed by John Prom at Homebridge, who I would recommend.

xchx

in General Discussion 5 years and 2 months ago

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BKALLDAY | 5 years and 2 months ago

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@OGNewYork. How did you arrive at “lower rates are designed to keep people borrowing.”? Basically it becomes cheaper to borrow money. Only fools who take out equity on a property are the ones who will rue the day if their jobs, portfolios or savings goes South. If a bank is charging you 4 or 5% now but because of this Pandemic and it’s effect of the economy the Fed is letting banks borrow money at almost zero percent then you come out a winner if your choose to re-fi as long as you don’t max out your property value. I think if you can you should re-finance. Don’t take any cash out and you can do very well. But to each his own.

katdov | 5 years and 2 months ago

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Rates have gone up. I’ve been quoted 4.25 by WF for 30 yr

daveinbedstuy | 5 years and 2 months ago

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“I’d take into consideration that the lower rates are designed to keep people borrowing” HUH????

astoriahomeowner

in General Discussion 5 years and 2 months ago

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I’d take into consideration that the lower rates are designed to keep people borrowing, however, if peoples jobs, portfolios, business are earning less, you might feel the crunch, payments might feel relative.

fiordiligi | 5 years and 2 months ago

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Whatever you do, avoid Mr, Cooper (aka Nationwide). They bought my mortgage from another bank a few years ago, and were so awful to deal with (just pull up the complaints online – there were endless problems with paying my insurance, calculating my escrow, etc..) that I complained to the NYS Insurance Dept, and finally paid off the loan early to avoid having to deal with them any further.

BKALLDAY | 5 years and 2 months ago

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I think the article speaks more of the Bond Market concerns because all of these loans (if not done right) could be an act 2 of the 2006 debacle. Also banks may not want to lower what they charge but banks also want to do business so I see them trending downwards in their rates as well. People are going to bum rush banks trying to get the best deals in case the Fed decides to raise interest rates but many economist see the Fed rate staying where it is through the end of the year so people can and should take their time to look for a good loan that they can afford with a a reputable bank. I also think banks should limit their exposure to developers and allow the middle class to solidify their intentions to own a home or refi the ones they have. The middle class is the straw that stirs the drink.

nednedx

in General Discussion 5 years and 2 months ago

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None of the big boys are eager to re-finance at this point. Our broker told us to hang tight…

stuyheights | 5 years and 2 months ago

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Rates have skyrocketed since Monday.
http://www.mortgagenewsdaily.com/consumer_rates/938445.aspx

Guest User | 5 years and 2 months ago

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I’ve used Rob Slifer in the past. He’s a great person and always thinking out of the box. He saved me when I had a challenging situation with my property. https://www.mortgagenetwork.com/rob-slifer

krobertson

in General Discussion 5 years and 2 months ago

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Looking for a lender or mortgage broker to refinance with. Any recommendations on folks to contact? For example someone like Homebridge that xchx just recommended.

Prefer not to refi with one of the big banks, e.g. Citi, BoA, Wells, Chase, etc.

Guest User | 5 years and 2 months ago

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When did you get this rate? I got a 3% on a 10 1/2 yr ARM but that was a month ago and rates have fallen since.