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Old 08-07-2020, 10:29 AM
 
32 posts, read 26,468 times
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I just got quoted 2.125/10yr 2.225/15yr. This is with no points. Quoted approx 2% closing costs, which includes everything except appraisal. Just wondering if anyone has seen anything better.
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Old 08-07-2020, 10:58 AM
 
Location: Florida
2,441 posts, read 2,525,391 times
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That's pretty good! Makes me think if I should go this route too...determined to pay off in 3 years, but anyway this closing cost makes refinance reasonable. Where did you get if from?
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Old 08-07-2020, 11:59 AM
 
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No points means they probably add the expense to the new loan or boost up your closing cost. Ask for itemized details.
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Old 08-07-2020, 01:29 PM
 
32 posts, read 26,468 times
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I got the quote through east coast capital. It’s lookng like as long as we keep the mortgage 20 months it makes sense.

The 2% loan cost include their fees ($595 processing, $595 application fee, $800 underwriting) other fees would be title fees and other things that are industry standard:

Would save us about $24k over the life on the loan.
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Old 08-07-2020, 01:37 PM
 
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That is much better than what we just got quoted, which was 2.87. Looked around too and only found lower if a point was purchased. It's still a great deal but I would prefer the rate you got!
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Old 08-07-2020, 02:07 PM
 
Location: Florida
2,441 posts, read 2,525,391 times
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Quote:
Originally Posted by Houston245 View Post
I got the quote through east coast capital. It’s lookng like as long as we keep the mortgage 20 months it makes sense.

The 2% loan cost include their fees ($595 processing, $595 application fee, $800 underwriting) other fees would be title fees and other things that are industry standard:

Would save us about $24k over the life on the loan.
Thanks!
I definitely need to check it out.
Was not really planning, but it's hard to miss such an opportunity if it's real.
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Old 08-10-2020, 09:42 PM
 
Location: Florida
2,441 posts, read 2,525,391 times
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Hmm...East Coast Capital is not BBB accredited. Overall not so good reviews across the internet
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Old 08-11-2020, 01:07 PM
 
833 posts, read 1,886,584 times
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That rate seems too good to be true. I would double check to make sure it is a fixed rate and not variable. Just went to bankrate and plugged in a 15 year refi. Best rate today is 2.75% with no points.
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Old 08-11-2020, 04:32 PM
 
Location: Florida
2,441 posts, read 2,525,391 times
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Quote:
Originally Posted by jtothemak View Post
That rate seems too good to be true. I would double check to make sure it is a fixed rate and not variable. Just went to bankrate and plugged in a 15 year refi. Best rate today is 2.75% with no points.
And how much was the closing cost in %?
I just got the similar rate with 5.6% closing cost that doesn't makes sense to me (I will only lose $$$ if I refinance).
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Old 08-12-2020, 08:54 AM
 
32 posts, read 26,468 times
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Quote:
Originally Posted by jtothemak View Post
That rate seems too good to be true. I would double check to make sure it is a fixed rate and not variable. Just went to bankrate and plugged in a 15 year refi. Best rate today is 2.75% with no points.
Maybe it is? We haven't pulled the trigger yet, I don't think rates are going anywhere and we already have a good rate (3.375).

I did text my previous mortgage lender (CMG Financial) on Friday in Houston to see what she could do and she said 2.25% for either 10 or 15 year with no points, so it doesn't seem that out of line to me. She also mentioned a $600 closing credit and getting a discount with the title company I previously used, waving the appraisal and using my existing survey.
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