- Sep 13, 2001
- 52,930
- 5,802
- 126
I am still on my first mortgage of my first house right now and I'm going to be refinancing.
We're going to go with a 15yr loan and it's going to basically cut out 7 years of our 30yr mortgage with a monthly payment of like $40 more than it currently is, which is nothing considering I'm putting in extra every month as it is.
My question is mainly about the rate at this point.
My loan is with Navy Federal Credit Union and that is who I've been looking to refinance with.
I've been quoted with a rate of 2% for a 15yr loan taking no cash out. I can buy it down as low as 1.375 with points but I am probably going to buy it down to 1.675 with 1.5 discount points that will cost me like $5k. The discount point I mentioned is also build into the origination fee as well, so like, the 1.5% I'm paying will include both discount points + origination fee and drop the rate down to 1.675.
So my question is - is this a good rate or should I shop around a bit? I do like how easy they have been to deal with generally speaking as far as mortgage has gone and their dashboard, etc, so there is some benefit to keeping it with them in that aspect as well.
But generally speaking is 2% good for a 15yr loan or is there a chance i could get it even lower than that without adding any discount points on? Also, I'm a bit confused by the origination fee as they said typically lenders charge up to a max of 1% origination fee on top of discount points, but Navy Federal does it a little differently. Again, total noob so I could have that wrong slightly.
We're going to go with a 15yr loan and it's going to basically cut out 7 years of our 30yr mortgage with a monthly payment of like $40 more than it currently is, which is nothing considering I'm putting in extra every month as it is.
My question is mainly about the rate at this point.
My loan is with Navy Federal Credit Union and that is who I've been looking to refinance with.
I've been quoted with a rate of 2% for a 15yr loan taking no cash out. I can buy it down as low as 1.375 with points but I am probably going to buy it down to 1.675 with 1.5 discount points that will cost me like $5k. The discount point I mentioned is also build into the origination fee as well, so like, the 1.5% I'm paying will include both discount points + origination fee and drop the rate down to 1.675.
So my question is - is this a good rate or should I shop around a bit? I do like how easy they have been to deal with generally speaking as far as mortgage has gone and their dashboard, etc, so there is some benefit to keeping it with them in that aspect as well.
But generally speaking is 2% good for a 15yr loan or is there a chance i could get it even lower than that without adding any discount points on? Also, I'm a bit confused by the origination fee as they said typically lenders charge up to a max of 1% origination fee on top of discount points, but Navy Federal does it a little differently. Again, total noob so I could have that wrong slightly.