Great time to refinance!!! We are at 4.85% 30 year fixed!

Discussion in 'Budget Board' started by daisy1234, Dec 17, 2008.

  1. daisy1234

    daisy1234 Mouseketeer

    Joined:
    Feb 12, 2007
    Messages:
    359
    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!!!
     
  2. Avatar

    Google AdSense Guest Advertisement


    to hide this advert.
  3. Green Tea

    Green Tea <font color=green>I don't do hatchets<br><font col

    Joined:
    Feb 18, 2007
    Messages:
    6,475
    Could you refinance for 15 instead of 30 years? Maybe keep the payment about the same but pay it off in hlf the time?
     
  4. mom of princessx2

    mom of princessx2 DIS Veteran

    Joined:
    Feb 26, 2008
    Messages:
    1,300
    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
     
  5. daisy1234

    daisy1234 Mouseketeer

    Joined:
    Feb 12, 2007
    Messages:
    359
    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!!!
     
  6. princessmorgan

    princessmorgan DIS Veteran

    Joined:
    Feb 26, 2008
    Messages:
    1,456
    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!
     
  7. patsal

    patsal <font color=FF3399>I've discovered I don't need to

    Joined:
    Jul 10, 2001
    Messages:
    9,064
    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.
     
  8. JoanneNC

    JoanneNC DIS Veteran

    Joined:
    Jan 7, 2008
    Messages:
    1,483

    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.
     
  9. LeeLeeLuvsDisney

    LeeLeeLuvsDisney Mouseketeer

    Joined:
    Oct 16, 2006
    Messages:
    423
    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.
     
  10. RitaE

    RitaE DIS Veteran

    Joined:
    May 29, 2008
    Messages:
    5,250
    I see a 4.85% at a local bank here, but it has a point attached. Still a great deal from a 6+.

    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.
     
  11. patsal

    patsal <font color=FF3399>I've discovered I don't need to

    Joined:
    Jul 10, 2001
    Messages:
    9,064
    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:
     

Share This Page