Mortgage rates

[Gail T AGAIN]

My bank will let me modify my mortage. keep it at 27 yrs but change my rate from 7.125 to 6.000. All I have to pay them is $618.00 to do the little paper work that needs to be done and I will get the 6.000. I will be saving #51.39 each month so it will take me a yr to recoup the $618.00. Tomorrow I am going in to give the check, I jusst hope it doesnt go down the way things are going in our economy and world. What kinds of rates do you have and do you think it is wise what i am doing? This is hard not having a SO beside me

 

[lisajl]

I'm not sure what is going to happen with mortgage rates. We are at 7.5 right now and sitting on the fence about going to 6.25.

I told my DH I think we should do it before the war hits. I mean, it may go down, but if it doesn't we are stuck.

It will save us money, so we will probably get back in touch with the lender this week.
I wish I could see in to the future it sure would make our lives easier with these decisions.

Good luck on yours!

Lisajl

 

[NCRedding]

Gail T: I recommend that you do exactly what the bank is recommending. I see mortgage rates that range from 5.375 to 7.75 with closing costs in excess of $2000.00. When we refi-ed, we went from a 6.75 to a 5.5 but it costs us @ 1800 with no escrows and no attorneys fees--and we went from 11 years to go to 15 (but I'm paying like it is 11). I say do it.

 

[Lynn CC]

That's a smart move, I'd do it. Then if you can still pay the $53.00 Xtra each month on the principle (consistantly)you can watch your principle decrease a lot faster than it would if you didn't.

Even if you start paying it after you recap your closing costs. The banks don't tell you this because they want you to have your mortgage long term.
We saved 16 years of paying our mortgage (we are mortgage free) by paying double the principle payment each month.
If you need more explanation you can pm me

 

[olena]

Seems smart to me. We're doing a re-fi right now. We're going from a rate of 7.125% to 5.75%. We're also getting cash out to put vinyl siding on the house.

 

[bsnyder]

Gail, that is a good rate, for that long of a term, and a great price on the closing costs! Do it!!

 

[Peanut]

YES!! REFI!! it's a great time to do it. If anyone is paying over 7% they need to refi. I used to work for a mortgage company so I know the game well. I don't know how long the rates will be this low. No one does, but we may can take advantage of it now. You should ask your mortgage company if they charge for you to refi with them in the future. My fiance and I in the refi process again because GMAC doesn't charge closing costs if you refi with them after your initial loan if your a GM employee, which my fiance is. I do belive you have to pay closing costs if you buy a new house, but not if you refi later.

 

[Lynn CC]

That's a smart move, I'd do it. Then if you can still pay the $53.00 Xtra each month on the principle (consistantly)you can watch your principle decrease a lot faster than it would if you didn't.

Even if you start paying it after you recap your closing costs. The banks don't tell you this because they want you to have your mortgage long term.
We saved 16 years of paying our mortgage (we are mortgage free) by paying double the principle payment each month.
If you need more explanation you can pm me

 

[imgoingtodisney]

We are in the process of changing a 30yr (21yrs left) to a 15yr. Going from 7.25 to 5.375
Taking out an extra 5K to pay for bifocals, DH will need a partial plate, car insurance, etc.
It will cost us an extra $85 or so per month but will cut off 6yrs.

 

[Wish Upon A Star]

We will be re-financing on 2/24 with a 30 yr fixed rate of 5 3/4 with 0 Points.

Our old rate was 6 1/4 but it was a 5/1 ARM because of construction done on our home in 2001.

So we decided to take the advantage of having a lower percentage rate and getting rid of some debt at the same time.

 

[believe]

We just closed on our refinance yesterday. We went from a 20yr loan to a 15yr, 6.375 to 5.25 interest reate. We had paid for 18 months on the 20yr loan and made extra payments, so we had more than 18 months paid on it. The best part was seeing how much less in interest we were going to be paying over the life of the loan. I hope to have this paid off in 12yrs if not sooner.