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Refinance rate/fees?

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If you have refinanced recently would you be willing to share what your interest rate is and the fees charged? My dh is about to give the go-ahead to the lady helping us with this refinance process yet I want to make very sure that we're getting a good deal. Currently we are at 5%; she has a rate of 3.59% with $2200 closing costs. Good? Bad? Inbetween?

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I have a similar situation -- my current rate is a 5.5% fixed, 15 year mortgage. I have 7 years left.


Two weeks ago my current mortgage company (Chase Home Mortgage) called and offered a 10 year 3.85% fixed rate with NO CLOSING COSTS OR FEES OF ANY KIND. Needless to say, I jumped all over that offer! Within 1 hour he ran a credit report on me (the mortgage is in my name only), which was excellent, and sent me explanatory documents and two lengthy emails. I read through everything twice, consulted my dad (he's a whiz at finances), deemed it a solid offer.


Chase said this offer was part of their "customer retention program", offered to customers with a solid payment history.


I can choose to pay the new monthly payment, which will shave $400 a month off the current payment, (dropping from $1100 to $700) or I can continue to pay what I currently pay ($1100) and have the house paid off in less than 5 years. There are no penalties for paying "extra." I plan on paying the house off as soon as possible.


We were so thankful that God dropped this surprise refi offer in my lap! I tried to get the house refinanced through Churchill Mortgage last month, but they turned me down.


Try calling your current mortgage company and see if they have a similar offer. *** And then let me know what happens!

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We refinanced a year ago. The rate went from upper 6% to lower 5%. With no fees. I wish we could re-refinace now that the rates have dropped so much.


Do you have Fanny Mae or Freddy Mac? I would try to get them to take of the fees completely. The first time they offered us a refinance there were fees. But the last time there were not fees :)


Oh, and we are with Chase.

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Might want to check on Zillow to see what rates/fees are being offered there. Then at least you'll have a comparison. We refinanced through a broker we got through zillow 18 months ago, it was a couple thousand in fees, we got 3.25 percent.

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We refinanced about a year and a half ago. Originally we were at 5.5% on a 30 year fixed mortgage. We refinanced for 3.75% on a 15 year and had a couple of thousand dollars in fees. We were able to cut the life of the mortgage by 8 years and only increased our payment by $15 a month. Interest rates are even lower now.


I would go for it!


God Bless,

Elise in NC

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