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randella
Love my little man
Member since 8/05 16290 total posts
Name:
Randi
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Has anyone refinanced their mortgage with the lower interest rates?
We are thinking of maybe doing this.
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Posted 2/8/08 7:00 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Has anyone refinanced their mortgage with the lower interest rates?
I called about refinancing with my current mortgage company. The change in interest rate only changes it by $100-200 a month (which is a nice decrease) but they charge you and their requirements are much stricter now. Unfortunately I am not working full-time, only P/T since I had DS so I'm not sure we would re-qualify being our income is not the same.
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| Posted 2/8/08 7:59 PM |
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CunningOne
***
Member since 5/05 26975 total posts
Name:
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Re: Has anyone refinanced their mortgage with the lower interest rates?
We did back in 2002. We went from 8.25% to 5.5% and cut it from a 30 year to a 20 year mortgage and still saved ourselves a few hundred $$ a month! Worth it for us back then.
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| Posted 2/8/08 9:02 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: Has anyone refinanced their mortgage with the lower interest rates?
We are looking into it right now. We will do it if we can save about $400 a month.
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| Posted 2/8/08 9:07 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: Has anyone refinanced their mortgage with the lower interest rates?
I'm definitely interested in redoing my 2nd mortgage since we got a high rate at the time and I'm not happy with it.
I need to see some 4% to make a difference in our first mortgage as we got a rate that was in the 5% range.
That, and I'd like to do a little work to the house to increase the value even more.
If you have a house that you are refinancing above that $417 level, I would hold off to see if FHA/Congress adjusts the jumbo rate.
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| Posted 2/8/08 11:56 PM |
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orchid24
PARTY OF FIVE PLEASE!
Member since 3/06 2018 total posts
Name:
D
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Re: Has anyone refinanced their mortgage with the lower interest rates?
yes---just recently for our year old townhouse. we got a 30 yr.fixed for 5.875%... i'm not sure how much the fees were to do this, as DH took care of it.
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| Posted 2/9/08 8:41 AM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Has anyone refinanced their mortgage with the lower interest rates?
Posted by orchid24
we got a 30 yr.fixed for 5.875%... i'm not sure how much the fees were to do this, as DH took care of it.
Same, went down 1% for us.
Saving us $150/month off mtg too.
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| Posted 2/9/08 10:39 AM |
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lilacwine
only love...
Member since 5/05 2034 total posts
Name:
<3
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Re: Has anyone refinanced their mortgage with the lower interest rates?
yes. Just waiting for rates to drop a little bit more, then we hope to refinance with our current lender.
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| Posted 2/9/08 10:44 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Has anyone refinanced their mortgage with the lower interest rates?
i got my mortgage in dec06 at 5.875%, so it has to come down more for us to be able to refi.
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| Posted 2/9/08 11:14 AM |
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lakrav
LIF Infant
Member since 8/07 89 total posts
Name:
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Re: Has anyone refinanced their mortgage with the lower interest rates?
Quick way to approximate savings:
Subtract the percentage you are paying now from the percentage you are going to get.
Example: 7%-5.5%=1.5% savings
Take your full loan amount and multiply by the savings.
300000*1.5%=4500
This will give you the savings over the first year. Of course the amount you save will decrease each year based on the principal you owe, but his is a good quick figure to see if the closing costs make sense based on the amount of years you will be in the house and the savings per year.
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| Posted 2/9/08 11:46 AM |
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Tine73
Member since 3/06 22093 total posts
Name:
*********
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Re: Has anyone refinanced their mortgage with the lower interest rates?
We are looking into it too.
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| Posted 2/9/08 11:58 AM |
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ali120206
2 Boys
Member since 7/06 17790 total posts
Name:
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Re: Has anyone refinanced their mortgage with the lower interest rates?
Posted by Meaghan729
i got my mortgage in dec06 at 5.875%, so it has to come down more for us to be able to refi.
Us to (except ours was in March 07).
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| Posted 2/9/08 1:32 PM |
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