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View Full Version : Great time to refinance!!! We are at 4.85% 30 year fixed!


daisy1234
12-17-2008, 07:51 AM
We are soooo excited we went from 6.25 to 4.85% we will be saving $170 bucks a month!!!! WE missed the 5 % dip the last time and this was even better!!!! So folks if you have agreat credit and a mortgage over 6% ...this may be thge time to refinance! :))))) Wells Fargo and Wacovia seemed to be the best options for us and WellsFargo was so nice to us since they are our current holder!!!

Green Tea
12-17-2008, 07:53 AM
Could you refinance for 15 instead of 30 years? Maybe keep the payment about the same but pay it off in hlf the time?

mom of princessx2
12-17-2008, 07:58 AM
Can I ask if that is with or without closing costs? I know Wells Fargo has a no closing cost REFI that I think was a bit higher rate but you do not add more years to your mortgage just change your rate. If it is under 5% I may need to call today!!:thumbsup2

daisy1234
12-17-2008, 08:44 AM
We ended up doing for 30....DH just wanted to free up some cash right now. We ended up rolling the closing costs in. Ok 15 would've been nice and we did that for our other house but It put us in a tight situation so DH is afaid to do that. Ideally that would be the best bet if one could swing it!!! Everyones situation is different...so you have to call the rates they give online aare for ecellent credit!!! So keep that in mind!!!

princessmorgan
12-17-2008, 08:49 AM
We are soooo excited we went from 6.25 to 4.85% we will be saving $170 bucks a month!!!! WE missed the 5 % dip the last time and this was even better!!!! So folks if you have agreat credit and a mortgage over 6% ...this may be thge time to refinance! :))))) Wells Fargo and Wacovia seemed to be the best options for us and WellsFargo was so nice to us since they are our current holder!!!

Do you mind pm'ing me with the person you talked to at Wells? We have them with our current mortgage and called yesterday about refinancing and whoever my husband talked to was not helpful at all!

patsal
12-17-2008, 08:56 AM
I don't know if it is a good idea to refi for us. Our current rate is 8% but I have it so accelerated that I don't think it will save me that much $$ for the hassle. The last time I looked into it we would have saved only a few hundred dollars total. We had a 30 year mortgage but I have about 3 years left on it (I have been paying it for 11 years now). I'm thinking because we owe so little it isn't worth it. I have sunk every extra bit we have earned onto it and just started to skim off the top to make DH's car payment.

JoanneNC
12-17-2008, 10:14 AM
I don't know if it is a good idea to refi for us. Our current rate is 8% but I have it so accelerated that I don't think it will save me that much $$ for the hassle. The last time I looked into it we would have saved only a few hundred dollars total. We had a 30 year mortgage but I have about 3 years left on it (I have been paying it for 11 years now). I'm thinking because we owe so little it isn't worth it. I have sunk every extra bit we have earned onto it and just started to skim off the top to make DH's car payment.


If you only have 3 years left, you are paying mostly principal and would not benefit you to pay the closing costs, etc
We have a 6% fixed rate and don't care to refinance to a shorter term when we can achieve the same by just paying extra.

LeeLeeLuvsDisney
12-17-2008, 01:07 PM
Wow! Our mortgage holder is only down to 5.125% with no points. We're waiting for them to hit 5% or lower until we refi. We just bought our house in August, so it would be good to just refi now and lower our payment since we still have 29 and a half years to go! I'm not sure I want to switch to another company, I like our credit union and they never sell their mortgages.

RitaE
12-17-2008, 01:11 PM
I see a 4.85% at a local bank here, but it has a point attached. Still a great deal from a 6+.

Green Tea Could you refinance for 15 instead of 30 years? Maybe keep the payment about the same but pay it off in hlf the time?

That is what I'm trying for. We have 22 years left on a 30/year. I'd like to get it down to 10 or 15.

patsal
12-17-2008, 01:30 PM
If you only have 3 years left, you are paying mostly principal and would not benefit you to pay the closing costs, etc
We have a 6% fixed rate and don't care to refinance to a shorter term when we can achieve the same by just paying extra.

Pretty much exactly what I thought--if I did the refi I'd be spending all the money on the interest again so better to pay my low interest amount high principal amount only.
Somedays I just need reassuarance!:laughing: