While 30-yr rates have moved up, but assuming SFH/townhouse, LTV < 80%, with outstanding principal of at least $400k, quite a few banks were offering enough lenders' credits to offset Section A, B, and C charges.My mom has 7.375%.I bought my first house in May 2024 with a 7.375% rate (30-year conventional).
I've gotten a quote for a refinance at 6.5% with no costs (and ~$500 net lender credit) for 30-yr conventional.
This would reduce my monthly PITI a little more than $200.
Seems like a no-brainer to go ahead and refinance now even though rates may be even lower in a few months.
This is relatively new territory for me so want validation from more experienced folks.
Can you tell me who is giving you the 6.5% with no costs?
Thank you.
Farmers Bank of Kansas City is one such bank and has a national presence. I can't comment on other aspects of its loan process/ loan servicing (it will sell the mortgage note to another servicer).
Actually, right now, its par rate (on $550k outstanding with value of $800k) looks to be 5.625%, with significant lender's credit at 6.0% to offset Sections A - C charges.
With 30-yr mortgages, having a low LTV (say 70% or 75%) is often beneficial.
Statistics: Posted by InvisibleAerobar — Tue Oct 01, 2024 7:38 pm — Replies 12936 — Views 1357740