Is 3.25% a good rate?

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[ARCHIVED THREAD] - Is 3.25% a good rate?

Posted: 12/5/2012 11:56:37 AM EDT

Quick question for the hive:

I'm at 4.8% on a 30 year fixed VA loan. Bank offers 3.25%, $2k closing costs rolled into the loan, reducing my mortgage payment by about $180.

I intend to take it but I wanted to make sure that 3.25% was consistent with the market right now. What says the hive?

Posted: 12/5/2012 11:58:31 AM EDT

[#1]

Where I live that's a good rate. They can vary based off where you live. If you plan on staying in your home and not selling it in the next few years I'd do it. I refi'd at 3.62%, a bit too early

Posted: 12/5/2012 11:59:11 AM EDT

[#2]

Seems pretty good for a 30 year with no points and low closing costs.

However, how much interest have you already paid, and will you pay by extending the lifetime of the loan?

Posted: 12/5/2012 12:01:35 PM EDT

[#3]

Local bank here is advertising a 30 year at 3%. My closing costs last month were $1200.

Posted: 12/5/2012 12:02:11 PM EDT

[#4]

I am in your same shoes OP. I got my house about 2 years ago at 5%. I have looked into refinancing and have beeen told I will get 3.25% and have $1800 rolled into the loan for closing costs. now im just trying to figure out if i should do it or not.

Posted: 12/5/2012 12:03:36 PM EDT

[#5]

Seems to vary a bit by region. In 2008, we were happy to get 6.875% as the best rate and recently got our new house at 3.5% We have great credit scores. It seems to have dropped .25% or so in the last few months.

I'd refinance and pay the difference to principle every month that you can.

ETA, again it may be regional, but the $2k seemed a bit high to me as well. Check on that.

Posted: 12/5/2012 12:03:52 PM EDT

[#6]

You should ask normal people, not arfcom GD. Around here, we're all Baller CEOs with 7 figure invome, 12 inch dicks, and 1.25% 15 year fixed mortgages...but we don't need hte mortgage anyway as we pay cash for everything.

Posted: 12/5/2012 12:06:03 PM EDT

[#7]

3.25% is good. my lender contacted me last week about doing the same thing with my VA lone. but the $2000 rolled into the loan seems high. mine told me it would be around $1000.

Posted: 12/5/2012 12:08:36 PM EDT

[#8]

3.25% is a decent enough refi rate as long as it's a 30yr rate ( 15-20yr rates would be 2.75 or so )

$2K is reasonable on a refi. Is you bank waiving an appraisal ( this saves you $500 ). How long do you plan to remain in this house ? What is your credit score ?

Alot of variables go into this equation.

Posted: 12/5/2012 12:14:35 PM EDT

[#9]

Quoted:
You should ask normal people, not arfcom GD. Around here, we're all Baller CEOs with 7 figure invome, 12 inch dicks, and 1.25% 15 year fixed mortgages...but we don't need hte mortgage anyway as we pay cash for everything.

Fuck that, I put everything on my CC for the rewards points

Posted: 12/5/2012 12:19:56 PM EDT

[#10]

That's pretty good.
Is that the interest rate or the APR.

Posted: 12/5/2012 12:19:58 PM EDT

[#11]

We intend to stay in the home for at least another two years but probably for most of the loan term. Credit score is low 700s, last I checked but it may be much better now. No appraisal.

Closing costs and rates can vary quite a bit by region but I just wanted to make sure the rate was in the right ball park for my area. You guys confirmed pretty much what I was thinking so I'll probably fo... if the guy ever calls me back.

Posted: 12/5/2012 12:22:30 PM EDT

[#12]

Quoted:

Quoted:
You should ask normal people, not arfcom GD. Around here, we're all Baller CEOs with 7 figure invome, 12 inch dicks, and 1.25% 15 year fixed mortgages...but we don't need hte mortgage anyway as we pay cash for everything.

Fuck that, I put everything on my CC for the rewards points

Duh. Even rich pornstars like us like free shit.

Posted: 12/5/2012 12:23:02 PM EDT

[#13]

Quoted:
You should ask normal people, not arfcom GD. Around here, we're all Baller CEOs with 7 figure invome, 12 inch dicks, and 1.25% 15 year fixed mortgages...but we don't need hte mortgage anyway as we pay cash for everything.

You only have a 12 inch dick and to add insult to injury you got hosed with 1.25%...LOL loser.

Posted: 12/5/2012 12:24:34 PM EDT

[#14]

I'd do it.

Posted: 12/5/2012 12:29:19 PM EDT

[#15]

We just recently re-fi'd at 3.25%
Our payment dropped enough to make it well worth our while.
I say move on it.
No! Don't move out of the house!

I mean take advantage of that deal!

Posted: 12/5/2012 12:33:59 PM EDT

[#16]

You get a return on your [closing costs] investment in 11 months. Getting RoI inside of 12 months is a good indicator that you should invest in something.

FO

Posted: 12/5/2012 12:56:26 PM EDT

[#17]

2k closing cost seems a little high. Call around before deciding.

Posted: 12/5/2012 2:20:48 PM EDT

[#18]

Quoted:

You should ask normal people, not arfcom GD. Around here, we're all Baller CEOs with 7 figure invome, 12 inch dicks, and 1.25% 15 year fixed mortgages...but we don't need hte mortgage anyway as we pay cash for everything.

All except for you, your dick is so short you piss on your balls!

Posted: 12/5/2012 2:24:05 PM EDT

[#19]

Check Costco. They having closing costs around $900 and the same rate.
Go to the website and type in your numbers...
If I were ever to borrow money that's who I would go with.

Posted: 12/5/2012 3:00:18 PM EDT

[#20]

Good rate. I pay that for my 15yr

Posted: 12/5/2012 3:04:05 PM EDT

[#21]

Mortgage insurance? if so how much? you need to factor that into the rate to get your 'real' rate

Posted: 12/5/2012 3:06:13 PM EDT

[#22]

I remember when an average home loans were 9% to 11%

Posted: 12/5/2012 4:47:59 PM EDT

[#23]

Quoted:
Check Costco. They having closing costs around $900 and the same rate.
Go to the website and type in your numbers...
If I were ever to borrow money that's who I would go with.

My bank doesn't post "no guns" signs. Costco does.