Anyone refinance lately?

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Bob

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Getting the household in order, and it's time to ReFi. Has anyone done this lately? The rates seem too good to resist.

I have USAA and they have done my last two home loans... but they seem to be very expensive on the fees.

Here's the current rates and fees that I can get at USAA for a 15 year and 30 year ReFi for @ $150,000 with $0 down.

15 Year Fixed

Estimated Payment $1,620.22

Principal & Interest$1,103.55
Property Taxes$375.00
Homeowners Ins.$141.67

Interest Rate2.750%
APR2.964%
Loan Amount $162,615
Points/Cost1.000/$1,626
Settlement Costs$11,735.41
Third-Party Fees$2,265.92
Lender Fees$2,740.40
Prepaids & Escrow

$6,729.09
Cash Due at Closing$185.41
Break Even Time19 Months


30-Year Fixed

Estimated Payment $1,250.49

Principal & Interest$733.82
Property Taxes$375.00
Homeowners Ins.$141.67

Interest Rate3.500%
APR3.651%
Loan Amount $163,417
Points/Cost1.375/$2,247
Settlement Costs$12,364.44
Third-Party Fees$2,270.65
Lender Fees$3,361.23
Prepaids & Escrow

$6,732.56
Cash Due at Closing$12.44
Break Even Time13 Months


The settlement and 3rd party fees are what worries me. What have you folks that refinanced recently seen? If you've seen better rates with lower fees, then please let me know... I love USAA but I'm all for suggestions on where to go for a better deal.

Thanks!
 

MKFlying7

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Try Amerisave Bob...their fees are ok, but they offer lots of rate options that you can buy down to eat closings costs if you'd like.
 

Bob

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Thanks guys... I'm looking for numbers here if you have them. Specifically, the settlement costs, third party fees, and lender fees, if you have them from any recent experience. I'm just trying to see if USAA is a bit over-priced in their fees. I don't really want to call and "run an app" with lot's of lenders.

I did try Lending Tree several years ago... but I got inundated with brokers from all over and many of whom I've never heard of. I still get emails from many of these no-name places today, even after 8 years.
 

avigator

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I went with americash a few months ago. Got a 3.75 rate in May with 0 points. Usaa and americash had similar closing costs of $2300 but usaa was charging an additional 1.5 points for the same loan. I was skeptical of the company initially but couldn't be more happy with the process. We closed 28 days after the initial contact. Btw, no lender fees but expect ALOT of mortgage insurance junk mail after closing.
 
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Bob

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****... your property taxes are cheap!
That's a monthly number... so it's @ $4500/year. This is in DFW for @ 2800 sqft. in the mid-cities suburbia.
 

FSUpilot

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That's a monthly number... so it's @ $4500/year. This is in DFW for @ 2800 sqft. in the mid-cities suburbia.
yeah nevermind... I thought that was a year. Monthly payment??? Idiot me.
 

EWRIAHCLE

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Definitely shop around. I've done 3 refis in 3 years on different properties, including one last week. The total closing costs ranged from $2300 (last week) to about $3000. I didn't pay points though, so my interest rates have been between 4 and 5%.
The approximate breakdown on the refi last week was:
Appraisal: $500
Origination: $750
Settlement: $600
Misc. title and escrow fees: $500

I only had a remaining balance of $60K or so, but in any case, the closing costs you listed seem outrageous on a $160K balance.
 

Zero-G

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yeah nevermind... I thought that was a year. Monthly payment??? Idiot me.
That's just what my home owners association dues are. First year we had the house, our tax bill was like that, but that's because the previous owner was over 65 and we got to ride the exemption till the next tax year.
 

mckpickle

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I'm not sure what a third party fee is? Lawyer stuff maybe? I just refi'd two months ago for 280K on a 26 year(30 year) fixed. My total closing costs were about 3000K at 3.625%. That was with 0 points so maybe thats why yours is to high? I also don't escrow anything.
 

JhAZ

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BOB, just another thought, if you have Costco they also do refi and the cost are pretty cheap. Also, I would look at getting your home owners ins as well as your car ins through them. On 450k we pay 650 a year for the house, and 3 cars full coverage is about 88 a month.
 

GasPasser

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USAA isn't the deal it used to be for us Servicemembers. I'm getting ready to switch my homeowners insurance away from them as they've been raising rates and lowering customer service every year since they started expanding membership to extended families.
 

scotts

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Bob,

I'm currently working on a refi through Quicken Loans. 3.5% for 15 years, 0 points. Total settlement costs $8766 on a $161,000 loan. That includes $4388 in escrow due to being a VA loan. Existing escrow amount will be refunded to me by my existing lender.
 

scotts

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USAA isn't the deal it used to be for us Servicemembers. I'm getting ready to switch my homeowners insurance away from them as they've been raising rates and lowering customer service every year since they started expanding membership to extended families.
I agree. I used them for auto insurance back in the early 90's and had a claim. After all the hoops they had me jump through I decided to switch. I've kept my eye on them since, and still don't think it's a good deal. They are a good company to invest in though! I am doing all of my auto and home insurance through Allstate and am satisfied with them.
 

mjbflyer140

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Consider a fixed rate home equity loan. Closing costs are usually 0 to a few hundred dollars. You will be on your own to pay taxes and insurance. As long as your loan to value is under 85% you should be fine.
 

avigator

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Scotts: I shopped around after initiating my loan with Quicken Loans. Your closing fees are 8766-4388 = $4378. Thats high. You said 0 points, but somewhere they are getting you in origination fees or lender fees. After I shopped around, I found plenty of places cheaper than USAA and Quicken. I walked away from the Quicken Loan 2 days before closing, because Americash was a much better deal (now I sound like a commercial) and the rates had come down a quarter point. I though I lost the whole deposit with Quicken, but they refunded most of it. You still have time to shop around. Check out bankrate.com to shop around. Call and get good faith estimates.

Almost everybody had $2300 in closing costs on my loan plus escrows. The big variables, of course, are the bank/lender fees. It was nice not paying any lender or origination fees.
 

qotsaautopilot

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BOB, just another thought, if you have Costco they also do refi and the cost are pretty cheap. Also, I would look at getting your home owners ins as well as your car ins through them. On 450k we pay 650 a year for the house, and 3 cars full coverage is about 88 a month.
Costco? As in the place you buy giant baked beans and toilet paper?
 

j3tDr1v3r

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PenFed (pentagon federal credit union)!!! They have amazing rates, service on par with USAA, and have been having promotions galore for NO closing costs! We just refi'd there about 6 months ago and couldn't be happier!

Military affiliation required, but there are ways around that if you ask!
 
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