View Single Post
      05-07-2021, 02:41 PM   #7
DETRoadster
Space Force - 4 Star General
DETRoadster's Avatar
11446
Rep
3,264
Posts

Drives: M2 MG 6MT / Moto Guzzi V7
Join Date: Jul 2016
Location: Seattle

iTrader: (1)

Quote:
Originally Posted by 4Hockey4 View Post
Assuming thats a jumbo loan, 30yr jumbo is 3% currently. If that is under 600K loan, thats way too high. We just got 2 1/8% on 10 or 15yr. 30 yr was 2.25%.

Go to a Mortgage company, "banks" are notoriously high.
Yep. Welcome to Seattle, were a rat infested crack house is $700k. So jumbo territory, plus a cash-out refi situation. We also locked in on our rate just as rates spiked a bit in early April. Hit it at just the wrong time. We will only be in this loan for 18 to 24 months as we will have a construction loan that converts to a mortgage on the house we will be building. The only reason for this refi was to consolidate the current mortgage, HELOC, and pull some cash out for soft costs. it also drops our monthly significantly so that we can hopefully qualify for the construction loan without selling the current house and having to rent while building.
Appreciate 0