Check your mortgage rates. We're re-financing again!

[HeatherC]

Just wanted to share that I happened to check the mortgage rates this week and noticed that they dropped even more from when we re-financed back in January.

So I ran the numbers and even with paying closing costs, refinancing will save us at least $150 a month on a 15 year mortgage. We will be going from 5 percent to 4.25 percent. If we make an extra payment or two a year which we have been, it will be paid off much quicker than that and we're still saving money each month.

Obviously, everyones numbers are different, but for us it is worth doing again.

Hope this saves someone else some money!!

 

[Kate and Pete]

Heather - who has your mortgage?

 

[HeatherC]

Kate: Citizens Bank...but you have to call them to get the lowest rate. If you have your payment automatically take out, they give you a discount. This and a good credit score will get you the lowest rate. Good luck.

 

[dumboiu]

May I ask what your rate is now?

 

[HeatherC]

Dumboiu: We are at 5% and will be refinancing to 4.25%. We are also consolidating a small home equity loan in this so combined we will save about $150 a month.

 

[taximomfor4]

Huh. I nearly got excited, then remembered that my home is now worth 30% LESS than we now owe. EEK. (It was worth $150k at refi several yrs ago, we refinanced for $132k...and now it's worth $104k). NOBODY is going to refi us. I wish we'd known the value plummeted so much while that stimulus refi thingy was going on.