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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: we are closing on our refinance today--saving $650 a month!!!
Posted by rkoenke
that's awesome! but, i wonder ... how come so much? is your home price huge?
my current rate is 5.85, if i re-fid to 4% would i save even close? no, right? it's not worth it for me, right??
it's so much because my initial rate was 7.148 and we went down to 4.75--it's amazing how an almost 2.5% difference affects your payments! the interest rate is key to your payments.
the amount we re-fied was less than $360K, so no it's not huge at all! it's definitely worth it for you to refi, although i don't know that you could get 4%. as long as it's a point difference or more, it could be worth it to refi.
it'll take us a little more than a year to recoup the closing costs (and some back escrow). we know we'll be there for way over a year, so for us it was a no-brainer.
our taxes are a full 1/3 of our mortgage payment 
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Posted 1/16/09 8:35 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Re: we are closing on our refinance today--saving $650 a month!!!
that's so great!!!!!!!!!!!!!!!!!!
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| Posted 1/16/09 9:22 AM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: we are closing on our refinance today--saving $650 a month!!!
Our rates through our credit union are 4.5% right now...and I am trying to get DH to refi....we have a mortgage right now of 6.5% or 6%......
Message edited 1/16/2009 9:47:19 AM.
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| Posted 1/16/09 9:46 AM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: we are closing on our refinance today--saving $650 a month!!!
wow. we are witl wells now and have no cpmplaints.
congrats to you!
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| Posted 1/16/09 10:29 AM |
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LAMGAJ28
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Member since 10/05 6039 total posts
Name:
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Re: we are closing on our refinance today--saving $650 a month!!!
Soooo glad for you. That's great !!!
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| Posted 1/16/09 10:59 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: we are closing on our refinance today--saving $650 a month!!!
Posted by browneyedgirl
Posted by rkoenke
that's awesome! but, i wonder ... how come so much? is your home price huge?
my current rate is 5.85, if i re-fid to 4% would i save even close? no, right? it's not worth it for me, right??
it's so much because my initial rate was 7.148 and we went down to 4.75--it's amazing how an almost 2.5% difference affects your payments! the interest rate is key to your payments.
the amount we re-fied was less than $360K, so no it's not huge at all! it's definitely worth it for you to refi, although i don't know that you could get 4%. as long as it's a point difference or more, it could be worth it to refi.
it'll take us a little more than a year to recoup the closing costs (and some back escrow). we know we'll be there for way over a year, so for us it was a no-brainer.
our taxes are a full 1/3 of our mortgage payment
Total no-brainer! Good for you, that's fantastic!!
WOW! 1/3 is for taxes. YIKES!
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| Posted 1/16/09 1:16 PM |
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pugmama
April already?
Member since 3/06 5297 total posts
Name:
Erica
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Re: we are closing on our refinance today--saving $650 a month!!!
We are going through a refi right now through Wells Fargo as well. We had a pretty good mortgage rate and we are rolling in our home equity that we used for the construction on our home and we are going to save about $200/month.
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| Posted 1/16/09 2:37 PM |
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