refinancing your mortgage

[SixFive]

anybody else been refinancing? I got locked in today at 4 7/8ths. My local lender does it for 500 dollars with no points and no origination. Pretty sweet, huh? Saves a lot of money, and I can make up that 500 in well less than a year.

I'm not sure rates have ever been this low. This is my third refinance in 3 years and each time, I think to myself that the rates can't go any lower, lol.

Anyway, if you have a mortgage, and you're going to stay in your residence for several more years, look into refinancing it, you can save a wad of dough. The rates are lower in other states than in Kentucky going by the national average, so you might even get a lower rate.

 

[RAZ]

nice job$$$$

 

[chickenman]

Just refinanced yesterday.

I have owned my home for a year and a half. We went from a 30 yr. note to a 20 yr. note and got a 2% lower interest rate. It will save us a ton in the long run. Definately a good idea to do it right now. You never know when rates may climb. I might look into it again next year if they are lower, but if they go up, I am locked in.

 

[ryson]

Not to mention you gain equity alot faster, we refied in November and went from a 30 yr. fixed @ 7.25 to a 15 yr. fixed @ 5.15. We plan on staying here for a while, but my payment went up 2 dollars a month and we own the house 15 yrs. faster? No brainer.

 

[MadJack]

christ! not only do i get 50-some emails a day about refinancing, now my forum is pushing the shit. LMAO!

i'm at 5.12, so i guess i stay here for a bit.

jack@madjacksports.com

 

[SixFive]

lol, not pushing, but I bet some people on here have 7 and above still.

 

[MadJack]

i'm kidding, 65

you guys made the right move, for sure!

 

[TheShrimp]

I love these stories.

We went from a 30 (5 year ARM) to a fixed 15 with 28 years left on the 30. We're paying about $60 more per month. The refi in January (at 5.125) saved me about $100,000 in PRESENT VALUE (almost 200K over the 30 year period ).

Not to mention the same house as mine (same floor plan. same block.) just went for more than double what I paid for mine 2.5 years ago.

I didn't think I'd ever want to REFI again but I've seen 4.65 for 15 year fixed. Maybe I'll wait till they hit 4.

I guess I just can't see the downside of it. For so many with houses to be doing so well, someone has to be eating it, right? Is it cutting into bank's profits? Are the people buying now going to eat it if/when the housing markets collapse? Are people buying houses they can't afford? I don't really get these things.

 

[redsfann]

...love these stories, too.....

We did ours in March...went from a 30 yr 8.375 !!(....bought the house in july 2000, when the rates were as high as they've been in the last 5 yrs) to a 20 yr, 5.675 %, and still knocked 75 per month off the monthly nut..... almost pulled the trigger on a 15 yr loan, but decided to take the 20 and the flexiblility to add additional principal payments as we choose to. I don't plan on moving, and I ran the numbers to show that for an additional 100 on top of the payment now, I can have the mortgage paid off in 16.5 yrs......

I also can't believe that the rates keep falling......if we hadn't just did it, I'd do it again tomarrow.....

 

[Penguinfan]

Same story here, got 4.875% went from 25 years to pay to 15 years with an extra 20 bucks a month and we got cash back at the closing.

Penguinfan

 

[SixFive]

I had a 8.875% on my first house on a 30 year loan. I refinanced it exactly one year later for 6.875% on a 15 year loan. My loan payment went up 15 dollars a month. My house also appraised high enough for me to get out of the PMI which was costing me 60 a month. Therefore, I went from a 30 to a 15 and paid less. Boo yah!