refinance

[momandkidslovedisney]

We locked in at 3.82% on a 15 year fixed rate mortgage.

I am so happy. Our mortgage lender said our rate is the lowest he has given out in 9 years of lending. Our payment from our current 30 year loan will go down about $100 a month and we will save years and thousands off our current loan!!

Anyone else refinancing right now? What rate did you get?

 

[sydneysmom]

We refinanced last friday for 4.25% on a 15 year. we were very happy with that. it's going to save us about $ 150 / month. Plus, since we already had our mortgage w/ that bank, they paid ALL closing costs. Nothing added to our mortgage at all.

 

[smile750]

We refinanced last friday for 4.25% on a 15 year. we were very happy with that. it's going to save us about $ 150 / month. Plus, since we already had our mortgage w/ that bank, they paid ALL closing costs. Nothing added to our mortgage at all.

We're about to close on a refinance of a 30 yr fixed - originally 5.37% now will be 4.37%. This will save us approximately $380 per month and will enable us to pay it down much faster. Wish my bank paid closing costs

 

[anna08]

We just closed on 4.1% on a refi of a 30 yr to a 15 yr. If we continue to pay our current payment amount, we will knock 10 years of payments off!!!

 

[momandkidslovedisney]

We refinanced last friday for 4.25% on a 15 year. we were very happy with that. it's going to save us about $ 150 / month. Plus, since we already had our mortgage w/ that bank, they paid ALL closing costs. Nothing added to our mortgage at all.

That is awesome that they paid all of your closing costs!!

It is such a good feeling to knock years and $ off the mortgage!!!

 

[StephMK]

Are you all going through your current lenders or did you shop? Our current lender has quoted rates taht are not much better than our present 5.875. I know that's wrong but not sure who to look for to get better rates.

 

[sydneysmom]

Are you all going through your current lenders or did you shop? Our current lender has quoted rates taht are not much better than our present 5.875. I know that's wrong but not sure who to look for to get better rates.

In our case we went through our current lender. Our mortgage person is my DH's best friend's wife....so that helps ! But our bank was offering the "all closing costs paid" in order to keep our mortgage with them. So we jumped on that !! Over the 15 yr loan, the difference is saving us ALOT ! We couldn't be more thrilled. It pays to ask your current lender because they may surprise you in order to keep your business....it's worth asking!

 

[AZMermaid]

That is awesome! We were going to refinance this month but our house didn't appraise. We bought 10 months ago and the house appraised at $355,000. We just needed it to still appraise for $335,000 to avoid paying P&I. It appraised for $318,000. So freaking frustrating. Supposedly we are in a "good" area of Phoenix as far as houses retaining value. We plan on living here for 20+ years, so we didn't care that much about month to month fluctuations- but geez, $37,000 in 10 months??

ETA- we weren't going to have to pay any closing costs for staying with Wells Fargo. Our only cost was for the appraiser.

 

[PartyOf5]

Great savings everyone!

If you are thinking of refinancing, call your current mortgage lender and see what they can do for you first. We were seriously considering a refinance until our lender told us it would be cheaper (and quicker!) to do a loan modification. All we had to do was pay $500 and sign a couple papers and our interest rate was lowered to the current rates.

 

[herdtoDisney]

Oh, wow-we are looking into refin, but the closing costs put me off. I could ask the bank for a modification? Do you have to meet certain criteria-meaning, I heard about loan mods for people in trouble, which we are not (thankfully). Can people current and with equity qualify? I should call them, it probably varies.

 

[PartyOf5]

Oh, wow-we are looking into refin, but the closing costs put me off. I could ask the bank for a modification? Do you have to meet certain criteria-meaning, I heard about loan mods for people in trouble, which we are not (thankfully). Can people current and with equity qualify? I should call them, it probably varies.

I'm not sure if there is criteria. Like you, we have not been in trouble - and we have quite a bit of equity. However, I don't think equity has anything to do with it as the lender mentioned this is a great option for those who don't have enough equity with the low market right now. It's worth a phone call anyway! Good luck!

 

[Luv Bunnies]

We just finished a re-fi last month. We went from 6 3/8% to 4.5%. Our payment went down by $345 per month! The best part was that we didn't have to make a payment for August. Since I work for a school, I won't get paid again until September so a month without a payment was great!

 

[silmarg]

Several years ago I got a home equity line of credit (HELOC) that had no closing costs and had a variable rate set at 76bps under the prime lending rate. I never tapped the line.

When the prime rate went down to 3.25% in Jan 2009 the HELOC was down to 2.49%. I decided to pay off my 1st mortgage with the HELOC and prayed for rates to stay low - the rate is still 2.49%!

I am still making the old payment... if this keeps up, I may have the mortgage paid off in a few years!

 

[emdav]

That is awesome! We were going to refinance this month but our house didn't appraise. We bought 10 months ago and the house appraised at $355,000. We just needed it to still appraise for $335,000 to avoid paying P&I. It appraised for $318,000. So freaking frustrating. Supposedly we are in a "good" area of Phoenix as far as houses retaining value. We plan on living here for 20+ years, so we didn't care that much about month to month fluctuations- but geez, $37,000 in 10 months??

ETA- we weren't going to have to pay any closing costs for staying with Wells Fargo. Our only cost was for the appraiser.

We bought 8 months ago and just had the house reappraised. It came in $12,000 less than what we paid. I knew that would happen though. I think the Phoenix market will still decline substantially. I thought we bought in a good area as far as retaining value but the more I think about it, we bought in an area that didn't decline as much as most which leaves us more room to decline in the future. Oh well, at least I like my neighbors.

We are refinancing for 4.25, 30 year. We just can't swing the 15 year payments right now.

 

[Swimalie]

We bought 8 months ago and just had the house reappraised. It came in $12,000 less than what we paid. I knew that would happen though. I think the Phoenix market will still decline substantially. I thought we bought in a good area as far as retaining value but the more I think about it, we bought in an area that didn't decline as much as most which leaves us more room to decline in the future. Oh well, at least I like my neighbors.

We are refinancing for 4.25, 30 year. We just can't swing the 15 year payments right now.

I know any loss is hard but be glad with $12,000. I'm sitting at $150,000 right now over 4 years. Yes, my stomach aches every day over what I've lost. So far, though I'm not upside down and not in trouble with my mortgage but sadly, even with very good credit scores and the fact that we put 40% down on the house, we can't refinance without having to get PMI due to the loss. I refuse to pay PMI so we're staying with the current mortgage.

 

[kacaju]

good luck!! we refi'ed to a 15 year mortgage about 7 1/2 years ago so we are halfway done!! Every month when the mortgage statement comes I see the balance really go down... it is the best feeling!!

 

[momandkidslovedisney]

good luck!! we refi'ed to a 15 year mortgage about 7 1/2 years ago so we are halfway done!! Every month when the mortgage statement comes I see the balance really go down... it is the best feeling!!

Thanks! That is exactly why I am so excited about a 15 year mortgage!

 

[bas71873]

what's the difference between a loan modification and a refi?

 

[Kay1]

what's the difference between a loan modification and a refi?

I'd like to know, too, We're at 5.75% and would love a lower rate.

 

[soccerchick]

Those of you in the DC Metro area, try SunTrust Mortgage.Low 4's %. My DBIL is buying a house right now and he had done a ton of research/looking at rates.

Our lender called us about two weeks ago and told us what rates were and asked if we were interested in a refi. He ran the numbers for us and it was a no brainer. We told my DBIL to call him and he is now using them.