BakersDozen Posted July 28, 2012 Share Posted July 28, 2012 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? Quote Link to comment Share on other sites More sharing options...
southcarolinamom Posted July 28, 2012 Share Posted July 28, 2012 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! Quote Link to comment Share on other sites More sharing options...
Caroline Posted July 28, 2012 Share Posted July 28, 2012 We just refinanced through Chase. 15 years, 3.25, no fees. Quote Link to comment Share on other sites More sharing options...
golfcartmama Posted July 28, 2012 Share Posted July 28, 2012 We just refinanced through Chase. 15 years, 3.25, no fees. Were you already with Chase? I'm having trouble getting our current company to give us info. Our rate is 6.25...we have to get it down! Quote Link to comment Share on other sites More sharing options...
Caroline Posted July 28, 2012 Share Posted July 28, 2012 Were you already with Chase? I'm having trouble getting our current company to give us info. Our rate is 6.25...we have to get it down! No. We did it through a mortgage broker. Quote Link to comment Share on other sites More sharing options...
kricau Posted July 28, 2012 Share Posted July 28, 2012 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. Quote Link to comment Share on other sites More sharing options...
kwickimom Posted July 28, 2012 Share Posted July 28, 2012 We just got 3.25% for 30 yrs with a local Farmers and Merchants bank. $1500 closing costs Quote Link to comment Share on other sites More sharing options...
Kathryn Posted July 28, 2012 Share Posted July 28, 2012 Wow, I didn't realize refis had gone so low! I haven't looked recently. We might need to look into this. We're at 5.75% with BOA. Quote Link to comment Share on other sites More sharing options...
Mama_Rana Posted July 28, 2012 Share Posted July 28, 2012 We just refi'ed at 3.125 for a 15year fixed. I don't remember what the fees were, but there were some. We went through Wells Fargo who was already our mortgage lender. I might have been able to shop around for a deal with no fees, but.... Quote Link to comment Share on other sites More sharing options...
southcarolinamom Posted July 30, 2012 Share Posted July 30, 2012 We just refinanced through Chase. 15 years, 3.25, no fees. :party: Quote Link to comment Share on other sites More sharing options...
southcarolinamom Posted July 30, 2012 Share Posted July 30, 2012 Wow, I didn't realize refis had gone so low! I haven't looked recently. We might need to look into this. We're at 5.75% with BOA. Too high, too high! Quote Link to comment Share on other sites More sharing options...
Trish Posted July 30, 2012 Share Posted July 30, 2012 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. Quote Link to comment Share on other sites More sharing options...
speedmom4 Posted July 30, 2012 Share Posted July 30, 2012 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 Quote Link to comment Share on other sites More sharing options...
DianeW88 Posted July 30, 2012 Share Posted July 30, 2012 We refinanced a year ago through a broker at 3.85%, no fees. Quote Link to comment Share on other sites More sharing options...
Kathryn Posted July 30, 2012 Share Posted July 30, 2012 Too high, too high! I agree, though it was low when we got it. How do you shop around for a refi? Can you really do it without money down? Quote Link to comment Share on other sites More sharing options...
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