Refinancing...

[fivefordisney]

Has anyone refinanced their mortgage? I'm currently at 5 7/8 and am not sure if I should do it now, or wait and see if the rates go down again...

 

[HeatherC]

We are in the process of doing it. We were on a 20 year at 5 3/4 and are refinancing to a 15 year at 4.8%. We are also paying off our home equity loan as well and will save about $300 a month. Since we aren't going anywhere for a long time it made sense for us.

But I think you need to run the numbers. Sometimes it doesn't make sense to do it if you have to pay closing costs, will be moving shortly, etc..

Good luck with whatever you decide.

 

[fivefordisney]

We are in the process of doing it. We were on a 20 year at 5 3/4 and are refinancing to a 15 year at 4.8%. We are also paying off our home equity loan as well and will save about $300 a month. Since we aren't going anywhere for a long time it made sense for us.

But I think you need to run the numbers. Sometimes it doesn't make sense to do it if you have to pay closing costs, will be moving shortly, etc..

Good luck with whatever you decide.

Yes, I'm trying to find the lowest rate with the lowest closing costs. It would be a no-brainer for me if we were under 5%--I just don't know where the rates are going. It's just a crazy time economically.

 

[seeking pixie dust]

We got a great deal with Bank of America for 4.75% (30yr). Their rates and closing costs (less than 2k) were the best we found anywhere. We're saving $250/month...but will probably add extra principal each month to catch back up to where we were (2.5yrs into loan).

 

[kritter]

We are in the process of doing it. We were on a 20 year at 5 3/4 and are refinancing to a 15 year at 4.8%. We are also paying off our home equity loan as well and will save about $300 a month. Since we aren't going anywhere for a long time it made sense for us.

But I think you need to run the numbers. Sometimes it doesn't make sense to do it if you have to pay closing costs, will be moving shortly, etc..

Good luck with whatever you decide.

WHo did you ge with to get 4.8%?? Thanks,,!!!

 

[HeatherC]

Kritter - We are using Citizens Bank here in Massachusetts.

Heather