For Refinancers - What Rate Did You Get?

[FOJMO]

We were just able to start refinancing on our present house. We had to wait, unfortuna tely, until our other house in Orlando sold (last week).

Yesterday, the rate was 6.625 (already higher than we expected), but lower than the 8.625 we have now (and a 2nd mortgage of 11.9%!).

Today, the rate has increased to 6.875! They told us that they don't expect to see it dropping considerably, so we locked in today at 6.875. That's a difference of $74/mo more than yesterday, $888/year, and $26,640 over the life of the loan! Unbelievable!

So, for you refinancers, what rate did you get? Please don't tell me 4%! LOL

 

[Lorix2]

We got a rate of 5.875% with East West Mortgage.

Went from 8% with 18 yrs left from a 30 yr loan to a 15 yr loan and our payment didn't change much, $17./month I think.

 

[peg2001]

We've had our house 3.5 years and have refinanced TWICE. Our original rate was 7.875% over 30 years, we refinanced at 6.5% over 30 years, and finally at 4.875% over 15 years.

Our payments are actually a little higher with this last refinance but we'll have it paid off in half the time, saving enormously.

Peggy

 

[zulaya]

Rates have been going up daily for the last 2 weeks. We locked about 2-3 weeks ago when things were just starting to rise after remaining stagnant for a while and we got 5.325. On yesterday's news up here they said that interest rates hit the highest they have been in 2 years so I think you were smart to lock in even at the rate you got.

 

[TIdoublegaER]

We close today actually. We got 5.5%, which is better than the 7.25% we currently have. We have been sweating it for the last couple of weeks because our lock expires today and we have been waiting on a subordination agreement for our home eq loan.

 

[stamper]

We locked in about 3 weeks ago(maybe almost 4) and got a rate of 5.25% - the rates went up 2 days later! Whew...that was close!!

 

[RUDisney]

TIdoublegaER, we have something in common... we closed today on our refi, too. We went from a 15 year, with about 14.5 years left on it at 5.4% to a 10 year at 5%. We didn't have to pay a penny in closing costs, either. We were supposed to pay $250 to close, but about 3 days ago, the bank changed the rule that any loan over a certain amount wouldn't be charged any closing cost. Whoopie! My house will be paid for in 10-years!

The best part is that my house has appreciated in value, based on the appraisals we've gotten and the improvements we've made by about $100,000. That was even better sounding than our mortgage deal.

 

[TIdoublegaER]

We don't have to pay any closing costs either, so we are coming out pretty good on this deal. We went ahead and did 30 years again. Right now the plan is to pay off the house in 5-8 years, so hopefully we can do it. Although now DH is talking about buying a condo in a couple of years.

 

[CamColt]

We just did this last week. We locked in the rate about a month earlier and got 4.625%

Our house is 4 years old and we had a 30 yr on it. Our payments are going to be 241.00 more a month but we were able to go to a 15 year, so we knocked 11 years off. It will be tough, but by doing it this way we will save just under 150,000.00 and have the house paid off when the kids are in college.

 

[Justhope]

We closed on our refi less than a month ago and we got.........are you ready????4.375 woooo hoooo!!! we also knocked off 11 years. So in 15 years it will be all mine. And my payment only went up 50.00 can you believe that.

 

[grinningghost]

Like CamColt, we got 4.625%. And we just refinanced a year ago, but the rates were SO low, we just had to do it again!

 

[stego]

Our original mortgage was 6.5% for 30 years. After NUMEROUS
e-mails, ads, etc., we took action, and got 5% for 15 years.
No closing costs. Our payment went up $150, but we had allready been paying $125 a month more anyway-to knock away principle-and so our budget will go up-get this $25 more a month.
We've been in our home 2 years and 2 months. So, from day one, we'll have it paid for totally in 17 years and 2 months.
Yeah, I can live with that.
I have been noticing the offers have petered out, and the rates
are really going up. I guess we got in on the tail end.

 

[catsrule]

5.75 for a 10 year loan.

 

[Indyman]

We're in the process of refinancing right now. We currently have a 30 yr @ 6.75 with about 26 years remaining. We locked into a 15 year @ 5.125. Our payments will change by less than $20 and we shaved 11 years off our loan.

 

[WilmaBud]

We were at 7.5% on a 30-year loan, and we refinanced at 5.125% (no points) on a 15-year loan. We're paying about $40 more a month, but we're shaving 5 years off the loan.

 

[lmj]

Yeah!!!! At long last and after a great deal of stress and aggravation from the mortgage company we just closed on a 30 year at 5% (2 points). This application process started in early May. I didn't think it would ever end.