Who else refinanced this week?

[Fletch3rd]

Locked in at 5% today too. We almost had it 4.85%...not sure how we ended up with 5% instead, but still its great news for us!

 

[StephMK]

Thanks for posting this! I hadn't thought to keep an eye on refi rates. We're at 5.75 but if we could lower the rate & shorten our term, I'd do it.

 

[kydisneyfans]

When I inquired yesterday, it was 5 1/4, today it was 4 7/8. We're going to refi also since we have a 5 3/8 7 year ARM maturing in 2011.

 

[madge]

we're watching and waiting a little bit longer .. but will definitely be refinancing sooner rather than later.

 

[britfish]

how do you find out the going precentage rate in your area? is there a web site or do you usually start w/ your current lender?

 

[mrsboz]

subscribing

 

[disneybound31]

We have 7% for 30 years... have been in house for almost 7 years and have paid extra so instead of having 23 years left we have 21 left. Want to to refi, but am worried about the closing costs. How do you ask for a no cost refi? Does 0 points mean no closing costs? And should I call my mortgage holder (Regions Bank) and ask for a lower rate or threaten to refi with another party?

Pretty sure we have more than 20% in the house.

 

[shortbun]

We're waiting a bit thinking that it'll go down even more in the spring. In the mean time, I'm putting the house in good shape - repairing plaster and painting. The outside needs some gutter work too. I'd like to refi and get a shorter mortgage. We're on a 30 now with 25 left to go but we pay extra every month so it really isn't 25, more like 21.Luckily, home values are holding steady around here - we normally enjoy good growth.

 

[dis2cruise]

we are 6 3/8% and have aprox 20 yrs left at what percent does it make sense to refinance?? I know closing cost can sometimes make or break
a great deal? do you think we should wait ?? also what about a bi-weekly mtg we used to have
that type of mtg with our old house years ago, do they still make sense??

 

[dreamin_disney]

i was talking to dfi about this after i read this earlier today. If we can get it at a 4.5% we will do it. We have some debt we would like to get rid of and this might be the answer. I would also like to know how do i find out the rates in my area?

 

[Kay1]

i was talking to dfi about this after i read this earlier today. If we can get it at a 4.5% we will do it. We have some debt we would like to get rid of and this might be the answer. I would also like to know how do i find out the rates in my area?

You could check bank ads in your local paper, visit the websites of local banks, and visit bankrate.com.

 

[Allison]

We just signed the papers on Wednesday at 4 7/8% for 15 years. It certainly feels good to cut time off of your mortgage and lower the payments.

 

[momsavealot]

We have a 30 yr mortgage at 5%. But we also have cc debt that I would like to get rid of so we may refi if it gets down to 4.5%. Just be careful of closing costs. When you're comparing banks, make sure you're comparing closing costs too!!

 

[Luv2Scrap]

I will definitely watch next week. we're at 5.875 and I'd love to go down another point or so!

 

[IluvKingLouis]

We have 7% for 30 years... have been in house for almost 7 years and have paid extra so instead of having 23 years left we have 21 left. Want to to refi, but am worried about the closing costs. How do you ask for a no cost refi? Does 0 points mean no closing costs? And should I call my mortgage holder (Regions Bank) and ask for a lower rate or threaten to refi with another party?

Pretty sure we have more than 20% in the house.

If you have 20% or more you might be able to get a refund on your mortgage insurance. Even if you choose not to refinance, you can still get this back by documenting your loan balance and the appraised value of your home. I probably got about 5K back from this when we moved from my starter home to our current home.

I would think at 7% you would do well to refinance. The Truth in Lending act stipulates that all costs (closing, points, handling fees, etc) must be disclosed to you. You will probably be required to have an inspection and those run a couple of hundred bucks.

We went through Lending Tree, but definately shop around. Local credit Unions often have good rates too.

Good Luck!

 

[mtblujeans]

DH talked to our bank yesterday about the rates and I guess we'll be watching to see if/what the FED (possibly) lowers the rate to on Tuesday, then check back with the bank. We might refinance next week, depending upon that outcome.

 

[chris1gill]

If you have 20% or more you might be able to get a refund on your mortgage insurance. Even if you choose not to refinance, you can still get this back by documenting your loan balance and the appraised value of your home. I probably got about 5K back from this when we moved from my starter home to our current home.

I would think at 7% you would do well to refinance. The Truth in Lending act stipulates that all costs (closing, points, handling fees, etc) must be disclosed to you. You will probably be required to have an inspection and those run a couple of hundred bucks.

We went through Lending Tree, but definately shop around. Local credit Unions often have good rates too.

Good Luck!

When we were researching a mortgage, we found the best by found was found at penfed.org, they made it fairly simple, although you do have to provide all your documentation of course. We applied online (you can do that if you have an account, so I started an account with 5.00 I think & you don't need to be military to use them).... Dropping from 7% to 5% would be a huge drop in monthly payment, you'd cover your costs in six months easily I'd bet. There were also no pre-penalty pay off fee's.... I thought they were very good.

 

[minnie1928]

DH talked to our bank yesterday about the rates and I guess we'll be watching to see if/what the FED (possibly) lowers the rate to on Tuesday, then check back with the bank. We might refinance next week, depending upon that outcome.

Just an FYI, if you are referring to the Fed Funds rate announcement, that doesn't usually impact mortgage rates.

 

[OhMari]

we are 6 3/8% and have aprox 20 yrs left at what percent does it make sense to refinance?? I know closing cost can sometimes make or break
a great deal? do you think we should wait ?? also what about a bi-weekly mtg we used to have
that type of mtg with our old house years ago, do they still make sense??

We were told 1/2 a point was worth refinancing.
We are locked in at 5.75%. If it is at 5% I'll probably call next week.
And the rate is sometimes lower if you get out of a 30, and try for a 20 or 15 yr loan.

 

[LeslieG]

What about refinancing 15-yr. mortgages? How much lower would the rate have to be to make it worthwhile? I assume lower than if you had a 30-yr. mortgage.