Who else refinanced this week?

[Jennyvelaz]

 

[chris1gill]

I'm hoping we did the right thing. We were at 6.375 with Wells Fargo. We locked in yesterday at 4.875 with no points. I think I will just stop looking at the rates so I won't totally hate myself for not waiting a little bit longer. What do you guys think of the rate we got?

How could you have done better? Depending how much your mortgage was for, you'll recoup your closing costs in a matter of months and likely you are now going to have a much lower payment! You cannot do better right now, and, if at some point it goes much lower (which I doubt) you can always refinance again if it makes financial sense. What did not make sense however was your staying at 6.375, I would have done exactly what you did, and I wouldn't have batted an eye. But I'd rather take the savings I see than hope for more savings and maybe never get it. I'm not much of a risk taker....

 

[Muushka]

Has anyone looked into the no-cost refi? We did that several years ago. While the interest rate is not quite as good, there is no cost (no, not even rolled into the loan and it is not the same deal that CitiMortgage offered us). We got great deals doing this once or twice.

 

[Chereya]

OP here. We just closed today on our refi at 4.625% I am so thrilled and couldn't be any happier! We just bought this house late in 2007 so we are saving a TON on interest compared to our old 6.125% mortgage. We are going to put the difference between the old and new mortgages into the 401k. Hopefully DH will be getting a promotion and raise in 2009 so we will decide then whether we will put the extra income towards the mortgage or pumping up the 401k more.

 

[DawnM]

What about closing costs and fees and points? Did you have to pay those?

Dawn

OP here. We just closed today on our refi at 4.625% I am so thrilled and couldn't be any happier! We just bought this house late in 2007 so we are saving a TON on interest compared to our old 6.125% mortgage. We are going to put the difference between the old and new mortgages into the 401k. Hopefully DH will be getting a promotion and raise in 2009 so we will decide then whether we will put the extra income towards the mortgage or pumping up the 401k more.

 

[zalansky]

And when did you lock in?

 

[Chereya]

No points and about $2200 in closing costs including the interest for the reminder of this month. First full payment is due March 1st so we get to save what we would have paid for the Feb payment.

We locked the rate on 12/16/08.

 

[TheRustyScupper]

1) We didn't re-fi.
2) But, we bought two "bank owned" houses to use as rentals.
3) The interest rate is 5.125% for non-owner-occupied.

NOTE: Would have been 5.01% for owner-occupied.

 

[DisBride2007]

OP here. We just closed today on our refi at 4.625% I am so thrilled and couldn't be any happier! We just bought this house late in 2007 so we are saving a TON on interest compared to our old 6.125% mortgage. We are going to put the difference between the old and new mortgages into the 401k. Hopefully DH will be getting a promotion and raise in 2009 so we will decide then whether we will put the extra income towards the mortgage or pumping up the 401k more.

That's awesome! Sounds similar to our situation as far as when we bought the house and interest rate. We FINALLY got through to someone at Wells Fargo on Dec. 26th and we locked at 5.125%. They said if rates went down we could call back and get a new rate - FYI for other WF customers. Well the other day it was 4.75%... so I called and wasn't able to get through... 2 days later it's back up to 5.0% Anyway I'm just going to keep checking the rates every day and hopefully we'll go back down again. 4.625% is awesome!

 

[zalansky]

We're locked in at 5.15 right now....I WISH I could get the OP's rate! That would be a killer, to close and then have it go down.

 

[alexandmaddie]

We locked in today. 4.25%, 15 year mortgage. I'm happy, we're currently at 5.5% with 20 years left to go.

Krista

 

[christyhud]

We locked in today. 4.25%, 15 year mortgage. I'm happy, we're currently at 5.5% with 20 years left to go.

Krista

That's great!! We are at 5.5% right now, too, with about 26 years left to go. Do you mind telling me the percentage difference in your current payment to what it will be at 4.25% for 15 years? (am I asking that question correctly?) I would love to re-fi to a 15 year note if we could swing it. TIA

 

[alexandmaddie]

That's great!! We are at 5.5% right now, too, with about 26 years left to go. Do you mind telling me the percentage difference in your current payment to what it will be at 4.25% for 15 years? (am I asking that question correctly?) I would love to re-fi to a 15 year note if we could swing it. TIA

To tell you the truth, I am not exactly sure because we are rolling our home equity loan into the refinance as well. But, I can tell you that we increased our balance by $40k and our payments went up by $400 a month. Without adding the additional $40k to the balance it looks like our payment would have increased by about $100 a month. We cut off 5 years and 4 months.

I don't know if this helps!

Krista

 

[disneybound31]

We close on the 18th with a new 15 year 4.625% - down from 30 year at 7%. Our closing costs were $2575 with .875 point paid. Closing costs rolled into loan amount. We took a small cash-out, as well, to pay off the car. Now we only have the 15 year mortgage as our only debt. As an extra bonus our new payment is only $80 more each month so we can still pay some extra on principle some months.

 

[T. Lynn]

That's great!! We are at 5.5% right now, too, with about 26 years left to go. Do you mind telling me the percentage difference in your current payment to what it will be at 4.25% for 15 years? (am I asking that question correctly?) I would love to re-fi to a 15 year note if we could swing it. TIA

That's great. Unfortunately it wouldn't pay me to refinance. We are at 5.625% for a 15 year but only have 9 years left on the loan. I think I'll just stay put...

 

[C.Ann]

Son-in-law is in the process of refinancing right now.. They sent 2 different appraisers out here yesterday.. He's getting 5% - and dropping from a 30 yr. mortgage to a 20 year..

 

[minnie1928]

Son-in-law is in the process of refinancing right now.. They sent 2 different appraisers out here yesterday.. He's getting 5% - and dropping from a 30 yr. mortgage to a 20 year..

They sent 2? I've never heard of them sending more than one

 

[C.Ann]

They sent 2? I've never heard of them sending more than one

---------------
According to them, it's something new that they just started in January.. One came at 2 o'clock was very, very thorough - both inside and out - took a good hour and asked lots and lots of questions about the heat/central air; plumbing; wiring; fireplace; septic system; etc.. Took all kinds of measurements inside and out and probably took around 40 photos.. The other came at 3:30 - breezed through the inside - and wandered around outside for about 10 minutes.. Only asked a few questions and probably took 10 photos total - if that.. Measured the outside of the house, hopped in his car and left..

We're anxious to hear what the house was appraised for as it was appraised for less than it's actual worth when DD & her DH first purchased it in 2006 and have since put $40,000 worth of materials into remodeling it - with several rooms left to go.. (Son-in-law is able to do all of the work himself..)

 

[Good Ol Gal]

I've been looking at rates myself.

We're with WF and when I go to their site I don't really see any rates??

Those of you that refinanced with WF lately, how did you get the rates? Did you just call around?

 

[minnie1928]

I've been looking at rates myself.

We're with WF and when I go to their site I don't really see any rates??

Those of you that refinanced with WF lately, how did you get the rates? Did you just call around?

Try this:
https://www.wellsfargo.com/mortgage/rates/