Who else refinanced this week?

[Chereya]

I checked back a few pages and didn't see this topic yet, apologies if I missed it.

I'm really happy! We just locked today for a refinance on our mortgage at 5.125% for 30 years! This will save us more than $60k in interest! Maybe I can convince DH that we should buy into DVC now, lol!

Chereya

 

[ajk912]

We haven't even looked into it. Don't you need 20% equity to refinance? We are lucky we aren't upside down at this point. That interest rate is awesome though..we bought when the rates were higher so I think our rate is close to 7%! I probably should look around..but considering we have zero equity I haven't even bothered.

 

[secretpantssam]

Congrats! Saving $60k is always good!!

 

[Chereya]

akj912 - we have almost 30%. We just bought last Sept and we made a sizeable down payment. I'm very glad that home values in our area have not really dropped since we purchased.

SecretSam - Thanks!!

 

[russo6]

We are refinancing too! And we just bought our house in August! Seems crazy. We had a 30 year loan and are refinancing at 5%. We locked in the rate yesterday for 30 days in case the rates drop further. DH wanted to wait to buy but I wanted to get in before school.

 

[Chereya]

russo6 - Lucky you!! I missed out on getting the 5% by about 30 mins! Ah well, what can you do? I'm still happy with my savings!

 

[princesscastle]

I'm looking to refi. Who did you use?

 

[IluvKingLouis]

We're at 5 3/4's so we'd need the rate to go down a bit more to cover closing costs, etc.

I heard the new rate needs to be 1 point lower in order for it to work out. So I'm sitting tight and hoping for lower rates.

 

[lisaross]

um interesting - i have about 9 years left on my 15yr mortgage at a rate of 5.5% - anyone know if they have 10 year mortgages and what the rates are?

lisa

 

[Kay1]

We're at 5 3/4's so we'd need the rate to go down a bit more to cover closing costs, etc.

I heard the new rate needs to be 1 point lower in order for it to work out. So I'm sitting tight and hoping for lower rates.

Thank you, Elaine. We have 5.75 and I was about to ask when it makes sense to refinance. I was watching CNBC and Bill Gross said to wait for 4.5 - 5%. That would be great. We have the equity but we live in Florida and the lenders aren't crazy about lending down here.

 

[4Seasons]

um interesting - i have about 9 years left on my 15yr mortgage at a rate of 5.5% - anyone know if they have 10 year mortgages and what the rates are?

lisa

We have a 10 yr mortgage with Penfed at 5.375% (5 years and 10 months left ), you can check their current rates on their website

www.penfed.org

 

[4Seasons]

Just checked the 10 yr fixed rate at Penfed, 4.875% with 0 points.

 

[minnie1928]

We moved to a high COL area in May/June but got a great rate on a Jumbo mortgage of 5.75%. I just checked and the rates are at 5.75%, so I guess we won't be refinancing any time soon.

 

[Chereya]

We financed through a local bank but I believe Countrywide also had the 5.125% rate.

 

[IluvKingLouis]

Thank you, Elaine. We have 5.75 and I was about to ask when it makes sense to refinance. I was watching CNBC and Bill Gross said to wait for 4.5 - 5%. That would be great. We have the equity but we live in Florida and the lenders aren't crazy about lending down here.

Kay, I heard 4.5 might be happening! Can you imagine that for the first time ever the Fed issued 3 month T-bills at 0% interest!

Yup, I think they will come down a bit!

 

[lisaross]

i don't think it would make sense for me to refinance unless i get a rate for 4.5% or less...........

i will give Chase whom i have my loan w/now a call next week and see there rates! i would love to get a lower rate and pay it off b4 the 10 years!

lisa

Just checked the 10 yr fixed rate at Penfed, 4.875% with 0 points.

 

[suzydisney971]

Has anyone looked at Wells Fargo rates? I'm at 6.875% and hoping to come down at least a point. Unfortunately, I'm unemployed due to a layoff and not sure if they would refinance us. Never been late with a payment and I've even been able to send extra to put towards principal. I have 20% equity on the house already (put 20% as down payment). We bought the house last year.

 

[tinkyrie]

Does anyone know if you can get those rates on an original mortgage loan, or just a refinance?
Thanks in advance!

 

[minnie1928]

Has anyone looked at Wells Fargo rates? I'm at 6.875% and hoping to come down at least a point. Unfortunately, I'm unemployed due to a layoff and not sure if they would refinance us. Never been late with a payment and I've even been able to send extra to put towards principal. I have 20% equity on the house already (put 20% as down payment). We bought the house last year.

My previous home was mortgaged by Wells Fargo and I was REALLY impressed with their customer service. I had a 1st and 2nd mortgage with them. At one point I had received an offer from a competing bank to do a no cost refi on my second mortgage (from 7.5% down to 6.25%). I called WF and told them of the offer and said that I was really happy with WF, but that this offer was very attractive. They modified my loan right there, on the spot, down to 6.24% at no cost or paperwork to me. That impressed me!

I would definitely call them and ask...they may surprise you like they did me!

 

[dizkids]

My sister just refinanced to 5 1/4 from 7% so she is very happy.

By coincidence i bought my home in the summer of 2003 and locked in at 4.875 no points which was a 40 year record low that June. We didnt plan it but we know how lucky we are.