Refinance???

[DawnM]

What rates are people getting right now? Someone told me their friends got 2.37% a couple of weeks ago, but I am thinking maybe they misunderstood because I am NOT finding that rate.

Also, anyone know any low rates WITH low cost closing? We can refi through the last place we refinanced through, but the rate to close is about $5,000.

Dawn

 

[hsmamato2]

are you part of a credit union? we did this but it was last summer,and got 3.25, with about 2k total to close.....

 

[HouseMother]

I just got 3.75% (down from being bent over the barrel at 8.1%) and closing costs were less than $2000. My mortgage payment is going down about $500 a month. I went through Coldwell Banker, who was our original lender. We close on Wednesday and I can't wait to skip the February mortgage payment!

 

[HeatherC]

We are just starting to look into doing this. I called a few credit unions Friday and was getting quotes on a 15 year anywhere from 2.75 to 2.83.

We refinanced a year ago down to 3.74. Even paying closing costs thia will save us about $160 a month.

We are in Massachusetts if that helps.

 

[ICF]

We refi'd at 2.875 with $250 in closing costs thru this bank....

http://www.unionsavings-bank.com/mortgageloans.aspx

I'd never pay $5K in closing costs.

 

[Swimalie]

We closed on Dec 28th at 3% on a 7 year Arm (we plan on moving out in 12 months) through ING. Our closing costs, which had to be paid upfront, were $2300. $600 of that was a tax that most counties don't charge on refinancing but mine does, oh joy With the refinancing we're saving $255 a month.

 

[jmartinez1895]

We just locked in today with a local company ( in Alabama) with a 2.75, closing should be around 1500, but will be rolled over into the new loan.

 

[2disneyboys]

We just refied in Oct with 2.75% & $1700 total out of pocket for closing costs. 15 year loan. We used monarch bank

 

[DawnM]

Thank you. Those rates are certainly not 2.37% which makes me think they really had some erroneous information.

We currently have 3.37% and it won't be worth our while unless it is closer to that 2.37%.

But the number of years it would take to break even paying a hefty closing is most likely too long.

Dawn

 

[camlace]

Thank you. Those rates are certainly not 2.37% which makes me think they really had some erroneous information.

We currently have 3.37% and it won't be worth our while unless it is closer to that 2.37%.

But the number of years it would take to break even paying a hefty closing is most likely too long.

Dawn

There are so many different factors though that weigh into the rate (term, pts, pmi, amount of length, etc) so that rate may very well be accurate. I just got a 15 yr at 2.65%.

 

[lucigo]

Closing costs vary by state. In Florida it is very expensive to refinance, $5k is pretty common, so you can't really compare what other people are spending in different states.

 

[DawnM]

I do realize each scenario is different.

If we pay $5K for closing and go from 3.37% to 2.27%, we will have to stay in our house about 8 years to "break even" or save, and we don't plan to be here that long.

We have no PMI and never have. We owe less than 80% of the value of our house. We have excellent credit so no worries there.

I am wondering if the couple getting 2.27% paid points.

I am hoping we can get more info. We have asked our friends to ask them more info.

 

[lisalis]

We just refinanced at 2 1/2 % in August on a house we purchased in 2008. I'm not sure which bank we went through as DH did the legwork for it & most banks sell off the mortgage, as ours went to Wells Fargo. We kept our payment the same, but shaved almost 7 years off our mortgage. If we had more principle invested, we would have been qualified for an even lower rate, so it is possible that your friend was able to get that low interest rate. Good luck to you!

 

[Lilo&Stitch]

We have just started looking into refinancing, I'm also finding pretty high closing costs, anyone in the Illinois area finding something I want to jump on ??

 

[DawnM]

I really don't need luck, I need facts.

what bank? Did you pay closing costs? Did you pay points?


Dawn

We just refinanced at 2 1/2 % in August on a house we purchased in 2008. I'm not sure which bank we went through as DH did the legwork for it & most banks sell off the mortgage, as ours went to Wells Fargo. We kept our payment the same, but shaved almost 7 years off our mortgage. If we had more principle invested, we would have been qualified for an even lower rate, so it is possible that your friend was able to get that low interest rate. Good luck to you!

 

[DVC-Don]

We got 2.99% this fall on our NY house for a 15 year fixed.

 

[zeferjen]

We just closed on 2.85 with the bank giving us 2k at closing. This is on a 15yr fixed.