fairfarmhand Posted October 23, 2010 Share Posted October 23, 2010 We just refi-ed our house for an interest rate of 3.75%. If you have good credit there are some great mortgages available. Dropping your interest rate a couple points is a great way to get ahead on your mortgage and the closing costs can be recovered in about a year. Just thought I'd mention it to anyone who wasn't aware that interest rates are at all time lows. Quote Link to comment Share on other sites More sharing options...
Chelle in MO Posted October 23, 2010 Share Posted October 23, 2010 Just received the paperwork in the mail today to do ours! Yea! Quote Link to comment Share on other sites More sharing options...
melissel Posted October 23, 2010 Share Posted October 23, 2010 Wow, you got a REALLY good rate! Did you do a 15-year? We got 4.25 on a 30-year. I wanted to go to 15, but DH is a just a tad too concerned about what's going on at his company to feel comfortable with the extra payment amount, so we stayed conservative and will pre-pay instead. I really, really wanted that lower rate though! Quote Link to comment Share on other sites More sharing options...
dirty ethel rackham Posted October 23, 2010 Share Posted October 23, 2010 Wow! I had no idea. We can drop our payment by over $200 a month. Quote Link to comment Share on other sites More sharing options...
Dolphin Posted October 23, 2010 Share Posted October 23, 2010 We got 3.62 on a 30 year, fixed for 10. We are not planning on being in this house for more than 10 years, There are some great ARM rates out there. Quote Link to comment Share on other sites More sharing options...
danybug Posted October 23, 2010 Share Posted October 23, 2010 I have been thinking about if for a long time and have not taken action. I need to call Monday and start. Are closing costs typically a lot? We are planning on putting our house on the market in the spring, but expect it to take some time to sell. Would it be silly to bother refinancing? Quote Link to comment Share on other sites More sharing options...
Dana Posted October 23, 2010 Share Posted October 23, 2010 I have been thinking about if for a long time and have not taken action. I need to call Monday and start. Are closing costs typically a lot? We are planning on putting our house on the market in the spring, but expect it to take some time to sell. Would it be silly to bother refinancing? It is taking us I think about 12 months to recoup our closing costs with the refi. Still worth it for us in the long run, but if you're looking to sell in the next year I wouldn't refinance. Quote Link to comment Share on other sites More sharing options...
DianeW88 Posted October 24, 2010 Share Posted October 24, 2010 In the middle of the process right now! :D Quote Link to comment Share on other sites More sharing options...
danybug Posted October 24, 2010 Share Posted October 24, 2010 It is taking us I think about 12 months to recoup our closing costs with the refi. Still worth it for us in the long run, but if you're looking to sell in the next year I wouldn't refinance. That's what I figured. I just thought if it took some time to sell if it did not cost much we would give it a whirl. Quote Link to comment Share on other sites More sharing options...
cjzimmer1 Posted October 24, 2010 Share Posted October 24, 2010 It is taking us I think about 12 months to recoup our closing costs with the refi. Still worth it for us in the long run, but if you're looking to sell in the next year I wouldn't refinance. I don't know if this is common or unique to our lender (Wells Fargo) but they have a program if they already hold your loan you can get a refinance for free. Yes you have a higher interest rate then if you paid to refinance however for us we have zero money for a refinance so it wouldn't be an option for us. This is the second time we have refinanced with the program each time it has dropped our interest rate another half percent point. I'd look and see if your lender has something similar because you have nothing to lose in refinancing in this manner. Quote Link to comment Share on other sites More sharing options...
rafiki Posted October 24, 2010 Share Posted October 24, 2010 . Quote Link to comment Share on other sites More sharing options...
jazzyfizzle Posted October 24, 2010 Share Posted October 24, 2010 We have been watching it. I think we are going to wait it out for a bit yet, I am wondering if they will get down to 2% if things continue on like this. Actually, I wondered if at some point, we will see something like those 0% car loans. Not sure if that would work, but we will have to see. Quote Link to comment Share on other sites More sharing options...
fairfarmhand Posted October 24, 2010 Author Share Posted October 24, 2010 Wow, you got a REALLY good rate! Did you do a 15-year? We got 4.25 on a 30-year. I wanted to go to 15, but DH is a just a tad too concerned about what's going on at his company to feel comfortable with the extra payment amount, so we stayed conservative and will pre-pay instead. I really, really wanted that lower rate though! 15 year! Quote Link to comment Share on other sites More sharing options...
KrissiK Posted October 24, 2010 Share Posted October 24, 2010 We just did ours, too! Woohoo! We went from a 30 year to a 15 year with a 3.875% and are paying no more per month, and saving about $100,000 in interest. Quote Link to comment Share on other sites More sharing options...
Twinmom Posted October 24, 2010 Share Posted October 24, 2010 We just completed ours as well. Went down from a 20 yr to a 15 yr loan, dropped our interest rate from 6.75% to 3.9% and saved ourselves nearly $200 a month. Yeah! Quote Link to comment Share on other sites More sharing options...
Hathersage Posted October 24, 2010 Share Posted October 24, 2010 To calculate the break-even period: http://www.federalreserve.gov/pubs/refinancings/default.htm#breakeven Quote Link to comment Share on other sites More sharing options...
RanchGirl Posted October 24, 2010 Share Posted October 24, 2010 our mortgage co offered us one but the closing costs are outrageous!!! How do I find one with free or low closing costs? Quote Link to comment Share on other sites More sharing options...
fairfarmhand Posted October 24, 2010 Author Share Posted October 24, 2010 our mortgage co offered us one but the closing costs are outrageous!!! How do I find one with free or low closing costs? start calling banks and credit unions. Also a real estate agent might be able to help you. Quote Link to comment Share on other sites More sharing options...
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