Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
lower mortgage rate
Old 10-17-2020, 10:53 AM   #1
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Location: Chicago
Posts: 1,145
lower mortgage rate

I just read somewhere where you can ask your mortgage company to lower your rate without refinancing. I mean like no fees whatsoever. Is this true? And has anybody done this? I'm not talking about a recast either.
ripper1 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-17-2020, 11:06 AM   #2
Full time employment: Posting here.
 
Join Date: Feb 2016
Location: SoCal
Posts: 862
Its called streamlining. I've never done it.
Mr. Tightwad is offline   Reply With Quote
Old 10-17-2020, 11:06 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 11,262
It would never hurt to ask, it's free to ask.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 10-17-2020, 01:46 PM   #4
Dryer sheet wannabe
 
Join Date: Sep 2009
Location: Beavercreek
Posts: 19
Its called a loan modification. We did it in 2016, and are talking to the S&L about doing it again. They simply rewrite the note, reducing the interest rate. It cost us about $300, with a payback of less than a year. Don't know if the big banks do it, we are with a small locally owned S&L, and they kept our mortgage.
PatSea32 is offline   Reply With Quote
Old 10-17-2020, 03:14 PM   #5
Thinks s/he gets paid by the post
RetireBy90's Avatar
 
Join Date: Feb 2009
Location: Cville
Posts: 1,244
Quote:
Originally Posted by PatSea32 View Post
Its called a loan modification. We did it in 2016, and are talking to the S&L about doing it again. They simply rewrite the note, reducing the interest rate. It cost us about $300, with a payback of less than a year. Don't know if the big banks do it, we are with a small locally owned S&L, and they kept our mortgage.
In general, the problem is most banks or mortgage brokers sell to Fanny Mae or Freddy Mac and just take a small profit then take the funds from the sale of your note and make another, again and again. I donít think you can do this if they sold to them.
__________________
FIRE 31 Aug, 2018 - Always leave every place better than you found it, always give more than expected
RetireBy90 is offline   Reply With Quote
Old 10-18-2020, 01:44 AM   #6
Thinks s/he gets paid by the post
Katsmeow's Avatar
 
Join Date: Jul 2009
Location: DFW Area (Tx)
Posts: 4,663
Never heard of this. I was going to mention recasting but that isn't what you are talking about.

Oh - streamlining -- I thought tat was for refinancing an FHA loan.
Katsmeow is online now   Reply With Quote
Old 10-24-2020, 04:23 PM   #7
Full time employment: Posting here.
 
Join Date: Sep 2007
Posts: 910
Yes, most mortgage places are brokers who sell the loans immediately to Fanny Mae or Freddy Mac. Then the bank you make your payments to are just loan collectors and they don't own the loan. In those cases, your loan was packaged along with a few thousand others into a package and portions were bought by many large investment houses & insurance companies. Yours is just one small bit of the tranche.


So there is no "somebody" who could or would recast your mortgage.
OTOH, I just did a refi with Amerisave, who was the one I got my previous mortgage through. They waived getting a new appraisal, so the paperwork sailed through quickly. Under 2.875% with $0 fee.
rayvt is offline   Reply With Quote
Old 10-24-2020, 06:04 PM   #8
Full time employment: Posting here.
 
Join Date: Sep 2017
Posts: 817
Our bank offered to go this when we asked about refinancing. The process itself was very simple, but we ended up with a *much* better rate through Costco. We would highly recommend the Costco refinancing program. There was one hiccup at the end because the title company they worked with, but in general, the process was fantastic. Super responsive, low fees and the best rate we found.
tb001 is online now   Reply With Quote
Old 10-28-2020, 03:46 AM   #9
Full time employment: Posting here.
 
Join Date: Aug 2015
Posts: 828
I didn’t even know you could refi through Costco! Thanks! I’ll have a look.
Perryinva is offline   Reply With Quote
Old 10-28-2020, 07:14 AM   #10
Full time employment: Posting here.
 
Join Date: Sep 2017
Posts: 630
Going through a refi right now with Loan Depot. 2.625% with < $1K down.
Beats our 3.625% mortgage.
albireo13 is offline   Reply With Quote
Old 10-28-2020, 07:23 AM   #11
Thinks s/he gets paid by the post
RetireBy90's Avatar
 
Join Date: Feb 2009
Location: Cville
Posts: 1,244
Going through refi at 2.375% for 15 year with Caliber. I did a refi in 2012 and couldn't believe it was that low (30 year 3.625%) back then. I'll refi again when they start paying me.
__________________
FIRE 31 Aug, 2018 - Always leave every place better than you found it, always give more than expected
RetireBy90 is offline   Reply With Quote
Old 10-29-2020, 07:50 AM   #12
Recycles dryer sheets
 
Join Date: May 2010
Posts: 87
I am at month 7 of a complicated refi/cashout/payoff across multiple rentals. Should be done next week. On averaged going from 4.9% to 3.2% on 30 year fixed investment loans.
captain3d is offline   Reply With Quote
Old 10-29-2020, 08:35 AM   #13
Full time employment: Posting here.
 
Join Date: Nov 2013
Posts: 737
Quote:
Originally Posted by captain3d View Post
I am at month 7 of a complicated refi/cashout/payoff across multiple rentals. Should be done next week. On averaged going from 4.9% to 3.2% on 30 year fixed investment loans.
I'm similarly in month 8 for a refi for a rental property going from 5.375% to 3.5% 30 year fixed. This will essentially give me the guaranteed income of another door.
NgineER is offline   Reply With Quote
Old 10-29-2020, 11:15 PM   #14
Thinks s/he gets paid by the post
 
Join Date: Aug 2013
Posts: 1,119
Did 2.99% .. now going for 2.24% 30 years
__________________
No to consumerism, Living a simple life, enjoying the experience - not the material stuff
cyber888 is offline   Reply With Quote
Old 10-30-2020, 05:32 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 5,809
Finally finished refi at Quicken Loans today. The 20 yr rate of 2.75 was way more competitive 4+ months ago when we started the process. I almost jumped ship to get 2.25% from a lender I never heard of. At these rates the reduction in payment for a modest loan is marginal.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Old 10-30-2020, 06:41 PM   #16
Thinks s/he gets paid by the post
 
Join Date: Aug 2016
Location: Northern Virginia
Posts: 3,072
Re-locked my existing loan at 2.74%. Paid $295.
Montecfo is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Primary Residence Mortgage Rate, vs Mortgage Rate for Rental Real Estate Golden sunsets FIRE and Money 7 07-05-2020 06:51 PM
Diversifying Doesn't Lower Risk, But It Does Lower Potential Gain justin FIRE and Money 44 11-05-2005 05:16 PM

» Quick Links

 
All times are GMT -6. The time now is 09:45 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.