Re-Fi with 10 years left on mortgage?

[testcase]

As mentioned, pay attention to all the fees involved FEES ( a VERY common way to shaft consumers).


I'd second the Credit Union recommendation too.

[Will Collier]

graylocks wrote:
Consumer advocate Clark Howard often says credit unions are a good source for 10 year mortgages. Big banks don't seem to like them.

Watch out for the fees though. My credit union looked like a really good deal the last time we were in the market, but once we got past the rate the origination fees were a deal-killer.

[Paul F.]

richorlin wrote:
I think you’ll be hard-pressed to find any credit union offering less than 15 year mortgages.

I agree... Mine HAD a 10 year rate on their web site, but, when I started thinking seriously about refinancing in 2020, I noticed that from one week to the next, it disappeared.
I haven't asked them if it just disappeared off the site, or if they just flat don't do 10 year any more.

[anonymouse1]

For our recent 10 year mortgage, We worked with ownup as the mortgage broker and ended up, out of the 5 lenders they offered, going with Mutual of Omaha.

The rates varied from 1.87% to 2.25%, IIRC., depending on points, fees, etc. I put a post up here at the time. If I can find it, I’ll give a link.

[Will Collier]

anonymouse1 wrote:
For our recent 10 year mortgage, We worked with ownup as the mortgage broker and ended up, out of the 5 lenders they offered, going with Mutual of Omaha.

The rates varied from 1.87% to 2.25%, IIRC., depending on points, fees, etc. I put a post up here at the time. If I can find it, I’ll give a link.

Obligatory:

[pdq]

We refinanced a couple years ago, just because rates were so low. I should have done this before, obviously, not after, but when I went through the numbers afterward, it looks like it'll be 10 years before we save money on the deal. And we may not own the house that long.

:facepalm:

Make sure you run the numbers for yourself before, not after.

[anonymouse1]

Here’s a cut and paste from my earlier post

s described earlier ( [forums.macresource.com] , [forums.macresource.com] ), we closed on our mortgage refi today.

It shifts us from 30 years (with 21 left) at 3.25% to 10 years at 2.125%, no points, no closing costs, and saves us a ton of interest.

The process went exceptionally smoothly, and when there were a few minor hiccoughs, the broker and lender handler them promptly and easily.

The broker company is www.ownup.com, and I highly recommend them, and in particular the broker we worked with:

Ryan Pugh
Home Advisor at Own Up
(207) 204-3741
NMLS#: 1450805 | MLO#: 2124808

I was pushing for one loan, and he steered me towards another one that turned out to be a couple of thousand dollars cheaper! Highest recommendation.

Just sharing this because I know a couple of folks expressed and interested. Hit me up with any questions.