Refinancing mortgage...

[DISdreamin']

Just had to share our happy budget news! I called about refinancing our home and found we can save over 1.5% off our current loan, and while our payments will barely change (about $100 a payment), we are going from a 30 year biweekly to a 15 year biweekly! We're shaving some 6 years off the loan - woo-hoo!!!

DH and I are so excited! Now to find out how painful the whole process will be.

 

[WeLuvTink!]

Congrats! Doesn't it feel good? Just saved 1.25%, moved from 30 to 15 year mortgage (shaved 10 years off mortgage) and will pay less than we were before (albeit we were paying an extra $200/mo to principle).

 

[rszdtrvl]

I totally know where you are coming from!

We just filled out our refinance papers yesterday.

We are going from 6.375% - 30 yr fixed
to
4.512% - 15 year fixed

We are going to shave off 8 years of payments, for only an additional $34/month. PLUS, our property taxes and insurance are included in the payment (still) too!

I am so excited! Just the thought of the home belonging 100% to us makes me giddy, LOL!

Congratulations!!

 

[seashoreCM]

(copied from another forum)

Be sure to get a Good Faith Estimate Of Closing Costs before signing for or committing to anything.

Something like a Loan Workup Analysis that might look similar is not a good substitute.

 

[DISdreamin']

Thanks for the tip, seashore - we've got the good faith estimate, and because the refi will be with the same company, evidently we will save some money because they will write it up as a modification rather than an entirely new loan. The assessor for the bank was here today (driving a super-sweet Mercedes convertible...I'm definitely in the wrong business!!) and so things are rolling right along!

I signed and have a 60-day lock for a rate of 4.125%, so with any luck next month this will all be complete! It was a nice added bonus to get our FICO scores as part of this - it's been a while since we could see all three scores, and now I know them. They aren't as high as I would have hoped, but they were sufficient to qualify us, by the sounds of things. They haven't changed much over the last five years though...maybe 10 points. I would have thought having the mortgage for a while and paying off my student loan would have helped more.

 

[mrsklamc]

Us too! Found out our credit union does NO closing costs, pays the appraisal fee, no paying points! SO excited!

 

[DISdreamin']

Us too! Found out our credit union does NO closing costs, pays the appraisal fee, no paying points! SO excited!

That is great! I checked with our credit union, and unfortunately their rate was considerably higher than with the local bank who currently holds the note on our house, so we're going to stick with the peeps we're with.

 

[hsmamato2]

us too! dropped from 5.875 to 4.375 and only 15 years! of course, our payment goes up by about 100 a month,but we can easily do that.... closing costs even using the same company are running us about 2500.00 we rolled those into the loan. it's a great deal!

 

[mom2aredhead]

Us too!

Went from 5.24 to 4.325, so not a HUGE difference, but we are rolling in my car which is at 5.9 and our last and only credit card balance which is a significantly higher rate then cutting that sucker up! And like others, doing a re-fi with the same company was a huge savings in closing costs.

Our actual mortgage pmt will be going up $150/month, but our out of pocket payments will go down about $450/mth which will go right into savings.