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Looking for 10 year-Refinance Rate

232 226 June 20, 2020 at 10:31 AM
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Last Edited by crram June 20, 2020 at 06:32 PM
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Looking for 10 year rate for 2.5% with low or no closing costs

8 Comments

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Let Sleeping Dogs Lie
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#2
you can google as well as anyone else, check with your current company.
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If It's Free, It's for Me
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#3
Churchill Mortgage
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L6: Expert
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#4
Lenderfi does 10 years with good rates and many options. Right now their website is showing (for our house and zip code) 30 years for 2.885% APR (lowest with a lender credit), 15 years for 2.516% APR, or 2.398% APR for 10 years. Given those rates I wouldn't restrict myself to 10 year loan, but that's your call.

We refinanced to 30 years fixed at 2.875% and net credit back to us back in March and it went well.
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L8: Grand Teacher
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#5
Quote from dukeblue219
:
Lenderfi does 10 years with good rates and many options. Right now their website is showing (for our house and zip code) 30 years for 2.885% APR (lowest with a lender credit), 15 years for 2.516% APR, or 2.398% APR for 10 years. Given those rates I wouldn't restrict myself to 10 year loan, but that's your call.

We refinanced to 30 years fixed at 2.875% and net credit back to us back in March and it went well.
What do you mean net credit back?
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L6: Expert
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#6
Quote from googcs
:
What do you mean net credit back?
My closing costs were negative, as in I got 2.875% 30 year fixed and a check for my troubles. No appraisal necessary, no hidden fees, no points, etc. Makes the decision very easy.
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L10: Grand Master
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#7
Quote from dukeblue219
:
Lenderfi does 10 years with good rates and many options. Right now their website is showing (for our house and zip code) 30 years for 2.885% APR (lowest with a lender credit), 15 years for 2.516% APR, or 2.398% APR for 10 years. Given those rates I wouldn't restrict myself to 10 year loan, but that's your call.

We refinanced to 30 years fixed at 2.875% and net credit back to us back in March and it went well.
Quote from googcs
:
What do you mean net credit back?
Quote from dukeblue219
:
My closing costs were negative, as in I got 2.875% 30 year fixed and a check for my troubles. No appraisal necessary, no hidden fees, no points, etc. Makes the decision very easy.

Negative points in essence. Better sites will show you the tradeoff between rate, points, cash at close and payment in nice tables that allow you to pick the term/rate/points combo that suits your situation.
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Joined Nov 2009
Old Hippy & Mortgage Pro
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#8
All rates are available every day; and you should evaluate the stack of all rates and their respective prices.

While it sounds contrary to our normal thought process. the lowest rate is not always the best rate once the costs and monthly payment differences are compared.. When evaluating a stack of 4-6 rates there is also at times a 'sweet spot' that simply makes the decision easier too.
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-Adam
Old Hippy & Mortgage Pro

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#9
Quote from tiedyed1
:
All rates are available every day; and you should evaluate the stack of all rates and their respective prices.

While it sounds contrary to our normal thought process. the lowest rate is not always the best rate once the costs and monthly payment differences are compared.. When evaluating a stack of 4-6 rates there is also at times a 'sweet spot' that simply makes the decision easier too.
I find this information isn't always easy to access depending on lender. As I mentioned in my post, there are tradeoffs between rate, term, cost (or rather, cash at closing which would be fees and/or points) and of course payment amount. As you said, for some they might be looking to as-close-to-zero OOP closing costs, while some are in it for the long haul and ultimately care about rate (worth it to run the amortization for the various scenarios - given the multitude of free resources available online, no excuse not to do this).
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