We did it- refinanced the mortgage!!

[toledo13]

Yep, we did it. We refinanced our mortgage. We were able to get a lower % rate (4.75) to drop our payments by $100 each month!! That's $1200 a year!! Or, a DISNEY TRIP worth of savings! It took some work, but I think it was worth it!! If you were thinking about doing it- I would recommend it. Even the guy at the title company just refinanced, and got the same % rate that we did!

 

[robb01]

Congrats! That is a good amount of savings

 

[tink576]

Congrats!

 

[toledo13]

Thank you!

 

[jdes88]

We just closed on our refinancing last week! We also locked in at 4.75% with no points!!! We also took ours from a 30 year to a 15 year---for only $81 more a month than what we were paying! We're going to save over $80,000 in interest!

 

[distherapy]

Great news guys! Any banks you recommend? We've been debating it for a while...

 

[Bren's Mom]

We're approved and waiting for the 'clear to close' but were told by the attorney's office that they expect it to be next week. 4.75%, no points, 30 yr fixed. We'll be saving over $200 per month.

We went through the same broker we used last year to purchase the home. She is awesome. She can only do mortgages in CT, but if anyone in CT wants her # I'm happy to refer her!

 

[AmberHeartsDisney]

yay!!!!!!!!

 

[toledo13]

Great news guys! Any banks you recommend? We've been debating it for a while...

JPMorgan Chase gave us the best rate, so that's who we went with. We did have Wells Fargo...

 

[TiredX2]

We just closed on our refinancing last week! We also locked in at 4.75% with no points!!! We also took ours from a 30 year to a 15 year---for only $81 more a month than what we were paying! We're going to save over $80,000 in interest!

Are you willing to share what company you went through? What were the closing costs like?

JPMorgan Chase gave us the best rate, so that's who we went with. We did have Wells Fargo...

Hmmm... do you mind sharing what closing costs were like.

These sounds like some excellent rates! Thanks for sharing!

 

[jdes88]

I went with Citi Mortgage. They were my existing company. I only had to pay out of pocket a $505 application fee....the other $3,000 was rolled into my new mortgage. Here in New York State closing costs are higher than in most others because of lawyers..... but in the long run----holy crow great deal!

 

[ceecee]

We just refianced as well. 4.6% and we paid $200, they call it a conversion so it wasn't a refiance with a fee of 299.00 like we expected. The big savings came because they were taking too much out for taxes and insurance for escrow. Our yearly taxes actually went down $1900.00 last year. Our county had days when you could go in and ask for a reduction...we bought our house for 70,000 less than it was apprasied so they lower the taxes. They refunded $2000 from the escrow fund so we are going to put that on the principal next month.

 

[madge]

I went with Citi Mortgage. They were my existing company. I only had to pay out of pocket a $505 application fee....the other $3,000 was rolled into my new mortgage. Here in New York State closing costs are higher than in most others because of lawyers..... but in the long run----holy crow great deal!

how smoothly did everything go with CitiMortgage? That's who has our mortgage, and we're going to do a refi soon.

 

[EnchantedPrincess]

We just refinanced as well with our Countrywide (we have been with them for about 6 years). Locked in a rate of 4.375%, no points and went from 30 years to 15 years for just a slightly higher payment a month (but huge savings in interest)...closing cost was rolled into the loan and all we paid was $400 application fees. We shopped around and they gave us the best rate...we had our appraisal done a few days ago and hope to close within the next couple weeks.

 

[poohfriend77]

Congrats! We did a re-fi in March and went from 5.85% to 4.65%, for a savings of about $230 a month. DH did all the math and figured that if we keep paying our old amount, we'll save $126,000 and knock about 10 years off our mortgage! That means the house will be paid off about the same time our girls (hopefully!) graduate college, at which point we'll just sit around wondering what to do with all our piles of money.

We went through a local bank that offered $400 off closing costs if we opened a checking account. So I started a Disney fund, of course, and we only paid about $300 for appraisal/fees/etc.

 

[drandolph]

If you continue to make the same monthly payment that you were paying, the savings on the refi will go entirely to the principal on the loan, and that can save you a ton more money and pay off the loan much more quickly.

 

[sylvenmaid]

My mom refinanced her house last month. She went from 8% down to 4.75%! She is saving $125/mo on a 15 year and very happy about the savings. Luckily it's a cheap enough payment that she could easily afford even after she retires in a few years.

 

[Frye7127]

I have been checking around and have had some tell me that they will take the lowest credit score when they check for rates. Mine being lower than DH, they will take my score to set the interest rate. What is up with this? somebody told me it was new regulations with Fannie. Countrywide told me this as well as Amerisave. We currently have it with JP Morgan Chase, but their closing cost are really high. Will they roll it in?

Any input?

Leasi

 

[HeyIt'sMe]

I don't mean to hijack this thread but I have a re-fi question ---

We built our house 6 years ago, put down 5%, and got a 30-year fixed mortgage at 6.0%. As an incentive our builder paid off our PMI in a lump sum premium payment.

What happens with that lump sum premium payment if we were to re-finance our mortage? Anyone know how that all works?

TIA,
Debbie

 

[omghidanielle]

Way to go!

We are in the process of a refi right now through the CU that I work for. We are going from a 30-year at 6.75% to a 10/1 ARM at 4.75%, saving me a whopping $350 a month!

Heck yes!