I just saved $120k!! Woohoo!!!

[vivianmarie244]

Just have to share! I saw that the interest rates had dropped to a record low yesterday so I got on the phone and started making some calls. I was able to lock into a 2.875% rate for a 15 year mortgage. That's down from a 6% 30 year mortgage that we've only had for 5 years. So I knocked 10 years and $120k off our loan! So excited!!!

 

[busy mom]

Please share some details...who did you contact, fees, process, etc. Thank you!!!

 

[secretpantssam]

Yeah I'd like to know the details too...that's awesome!!

 

[eyes4eeyore]

Wow! Congratulations!

 

[vivianmarie244]

I went through Wells Fargo since that is where we already have our loan. If you go on their website, there is some information on refinancing. I called them at 1-877-937-9357 and spoke with a lending officer. She went over some numbers with me over the phone and then called me back with what we qualified for. Then she sent me the paperwork via email and that's it! I was shocked it was so easy. We have to get together some documents to fax to her and she said it would take up to 90 days to close. Other than that, we're set.

I was going to check with our credit union but we got such a low rate that I didn't want to wait and miss out by checking around. The only fee that we are being charged is the origination fee which she is rolling into the total amount of the loan. It was about $2k.

 

[bdcp]

We're closing today on our refi. We got 3.75 on a 30 year (we'll pay it way down before we downsize-we're in our early 50's so won't be living in this big house at 80 lol). The bigger issue is dropping our rate from 5.125 to 3.75 and saving $850/month since we're combining our first and second. Cash flow is most important to us. In about 1 year I'll have all out debt paid off except the mortgage so we'll start hitting it with an extra 500-1000/ month then. We also got a lender credit which offset a lot of the closing costs.

Out DS is refiing his FHA with a streamline which means no real closing costs since there is a lender credit. He's dropping his rate from 6 to 3.75.

We could have gotten under 3% 15 year but would have ended up paying more per month which isn't our goal right now. Paying extra starting in a year or so will make it a 15 year or less.

There are very good rates out there for those with equity and good credit. We went with a mortgage broker that we go to church with. We refied with Wells Fargo two years ago (to get rid of our ARM we had with them) and they were nothing but a pain. BTW, our credit scores are over 760 and we had equity but they were so difficult to deal with.

 

[vivianmarie244]

Here's an article on the current mortgage rates for those interested.

http://realestate.yahoo.com/news/refinance-now--or-wait-for-a--bottom--on-mortgage-rates-.html

 

[Happyjen27]

Best feeling ever isn't it??? I'm glad you're broadcasting this, because it really feels good.

We did this last year, and altho our rates weren't terribly drastic (went from 5.25 to 3.185) simply the change from 30 year to 15 year knocked SO MUCH off of the total money to be paid.

It is amazing to see that now we have nearly 800 a month going to the principle, instead of just 200 bucks with the 30 year.

Yes, the total montly payment went up about 250 bucks. But, for that 250 bucks, we're saving thousands.

Want to do this? Ask your friends on Facebook or in real life for a recommendation of a mortgage broker. It's that easy.

 

[Fatalbie]

ITA. Couple of months ago we went from over 5% to 3% and from 30yr w/ 28 left to a 20yr. Doing the happy dance to the tune of roughly $90,000. That is a good feeling.

Congrats!!!
Jim

 

[vivianmarie244]

We could have saved about 400 a month if we had stayed at the 30 year but opted to shorthen the life of the loan instead. We are having to pay an extra 120 a month but, to save 120k, we couldn't say yes fast enough!

 

[dreamin_disney]

congrats!!! Dh mentioned to be about the harp program and lowering our rate. We have never been late on our payment and have good credit. But we dont qualify because our loan closed last year. Cut off was may2009.

anyways seeing your post gives us hope. We also have our loan through well fargo. 30 yr. I was telling dh a month ago how i wish we could pay off the house in 15 yrs @ age 55 instead of 68-lol! We will have to look into it

 

[joeyrose]

so happy for you and to hear some good news in the housing market!

btw, a 15-year mortgage is the reason my house is now paid for (that and i'm pretty old!)

 

[lilpig]

That is awesome!!! That has to be a great feeling, and it is nice of you to share it the info with others!

 

[floridafam]

I'd love to do what you did. The housing market is horrible here in FL so the house wouldn't appraise for what we owe on the loan. We don't have an FHA loan and it's not through Freddie or Fannie so I guess we are out of luck.

I'm glad you were able to refi. It must be a wonderful feeling.

 

[dreamin_disney]

Dh wanted me to ask if the loan thorugh the HARP program. We dont quailfy for that because our loan closed last year we our ontime with our payments but the date of loan had to be before may2009.

Dh also told me that we are under by 15,000 due to all the forclosed homes in the area. We have on across the street and a few down and around the street so he says we may not qualify for any loans even though we have good credit and have always been on time without our payments

 

[vivianmarie244]

Dh wanted me to ask if the loan thorugh the HARP program. We dont quailfy for that because our loan closed last year we our ontime with our payments but the date of loan had to be before may2009.

Dh also told me that we are under by 15,000 due to all the forclosed homes in the area. We have on across the street and a few down and around the street so he says we may not qualify for any loans even though we have good credit and have always been on time without our payments

Just sent you a PM

 

[vivianmarie244]

I'd love to do what you did. The housing market is horrible here in FL so the house wouldn't appraise for what we owe on the loan. We don't have an FHA loan and it's not through Freddie or Fannie so I guess we are out of luck.

I'm glad you were able to refi. It must be a wonderful feeling.

Call and ask anyway!! It doesn't hurt to ask. You never know!

 

[yankebabie]

What is the HARP Program

 

[ilovepete]

So you didn't have to pay closing costs? How long have you had your loan? We have WF, too, and when I do the estimates, there is about $5/6,000 of closing costs for each option. We'd still save money, but that is a lot, I'd like to be able to do one without that!

 

[dreamin_disney]

Call and ask anyway!! It doesn't hurt to ask. You never know!

He was on the phone and now he's waitig for a call . Please keep your fingers crossed. Our current rateis 4.99%