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Anyone thinking about refinancing?

greyshark

greyshark

Member
www.freddiemac.com

Mortgage Rates

Late last week, mortgage rates dropped, driving the weekly average down to its lowest level in more than three years. The impacts are noticeable, as weekly purchase applications and refinance activity have jumped, underscoring the benefits for both buyers and current owners. It appears that...
www.freddiemac.com www.freddiemac.com


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Mortgage rates are at all time lows with 15 year loans going for as low as 2.79%. Anyone here refinanced lately or are thinking about it?
 
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greyshark said:
Congrats! Hope they accept it!
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Me too, but I'm guessing they'll counter offer since it's about 65k off of the listing price since it's a 700k Home. But it's been on the market for almost 3 years, well on and off.
 
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Just refied and signed all the papers last week. Saved myself $400 a month and also got my property tax bundled in with my monthly mortgage payment. Add to that I don't have to pay the mortage for this month, this really saved me a lot of money.
 
Tranquil said:
Just refied and signed all the papers last week. Saved myself $400 a month and also got my property tax bundled in with my monthly mortgage payment. Add to that I don't have to pay the mortage for this month, this really saved me a lot of money.
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That's awesome - did you shop around much?
 
same ^ Amex had a great refinance offer for a lender which offered $2500 credit on your amex card if you close by mid year. Locked in great rate and saved about $350 month. I'd say go for it and use the monthly savings to bump up your 401k or IRA contributions as the whole market is at a discount right now
 
kutthoat5150 said:
same ^ Amex had a great refinance offer for a lender which offered $2500 credit on your amex card if you close by mid year. Locked in great rate and saved about $350 month. I'd say go for it and use the monthly savings to bump up your 401k or IRA contributions as the whole market is at a discount right now
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This is true, forgot to mention in my previous post they also gave me $900 direct deposited into my account. Good times.
 
I just did and got -1.5% off my rate for a 15 year
 
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I own my house at 30-something. What's a mortgage? Took 13 years of workaholic antics to pay it off. Now I'm living a life of options and stress is close to 0.

Why y'all keep building up debt bros. It's scary and stressful.
 
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and 3 others said:
Just tried. Bank said my credit rating was 5 points too low!
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That sucks - have you tried shopping around to see if another loan type or lender would be more willing to work with you? Typically large banks have the most stringent requirements, but they're not the only game in town.
 
I refinanced about 5 years ago from a 30 to a 15 year loan. Monthly payment went up about 500$, but saved about 10k in interest.

Would have been much more, but we are just going to pay it all off in a few months since some of our other investments have matured. Just have to wait until the taxes are finalized.

I highly recommend refinancing to a 15 year as soon as you can swing it and if you have at least 5 more years in your current residence.
 
My wife mentioned this but I don't really know what changing from a 30 to a 15 yr actually entails. I assume my mortgage goes way up per month but I pay the house off earlier but it's probably more complicated than that.

We owe about 180 on our place, valued last year at 260.
 
We just did, 30Y fixed at 3.25

taking some equity and remodeling as well, without a change in payment, so thrilled!
 
Just did it last year, prob gonna do it again though.

The fed are gonna meet on march 17th/18th to discuss further cuts supposedly. Not sure if i should refi to 3.25 now or wait a bit
 
Allforce said:
My wife mentioned this but I don't really know what changing from a 30 to a 15 yr actually entails. I assume my mortgage goes way up per month but I pay the house off earlier but it's probably more complicated than that.

We owe about 180 on our place, valued last year at 260.
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You've got it in a nutshell. Generally there's closing costs associated with it, so if you're planning on staying in the house for a while and can afford the higher monthly payments you can save tens of thousands of dollars over the lifetime of the loan.
 
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