11 replies to this topic

[nodle]

How many of you are re-financing?


Mortgage rates drop below 4 percent

Average rate on 30-year-fixed mortgage edges down to 3.99 percent for the 2nd time ever


http://www.msnbc.msn...2/#.TrwYhVZau70

[jmanz]

I've been contemplating it. Pretty hard to pass up if one plans to stay in their current house.

[ndboarder]

jmanz, on 10 November 2011 - 11:59 AM, said:

I've been contemplating it. Pretty hard to pass up if one plans to stay in their current house.

It has also crossed my mind, saving a couple percent may certainly be worth it.  I haven't however looked at it seriously, but you'd definitely need to weigh out how certain you are you'll stay in your current house, potential savings vs. potential refi cost, and your time/effort.  Personally I probably won't, unless it cost me nothing to do and was painless.  I like my house, but I don't anticipate that I'll be in it for more than another few years at this time.  I guess it could change, but...

[ryanator]

I'm refinancing as we speak.  It's like pulling teeth, but I'll be saving $215 per month in interest.  I'm going from a 30 year 5% to a 15 year 3.5% fixed rate loan.  My payments will be slightly higher, but I'll be saving a good amount in interest.  The refinancing costs will be $1800 alone though but will be made up under a year in savings from the interest.

[jmanz]

Yeah my lender said it would be about $1600 in refi costs. 30 year loan is at 4%, 20 year 3.75%, 15 year 3.5%. If I drop to a 15 year loan I would probably be paying about $180 more per month. Not bad though when you consider the interest saved. I'm locked in at a 5.5% rate at the moment. I just talked to him about it yesterday.

[ryanator]

jmanz, on 11 November 2011 - 12:54 PM, said:

Yeah my lender said it would be about $1600 in refi costs. 30 year loan is at 4%, 20 year 3.75%, 15 year 3.5%. If I drop to a 15 year loan I would probably be paying about $180 more per month. Not bad though when you consider the interest saved. I'm locked in at a 5.5% rate at the moment. I just talked to him about it yesterday.

Do it!  It'll pay back big time.

[nodle]

It's seems like alot of trouble to go through. Don't you have to have it re-inspected also? Besides

Spoiler

with 2012 coming who cares?

[jmanz]

lol @ 2012. Its just another year.

[nodle]

jmanz, on 14 November 2011 - 12:13 PM, said:

lol @ 2012. Its just another year.

I'll ask you about this next year.

[jmanz]

I'll bet you $50 bucks that the world doesn't end next year.

[ryanator]

jmanz, on 14 November 2011 - 10:09 PM, said:

I'll bet you $50 bucks that the world doesn't end next year.

Haha, that's a good bet, is a win-win!  If you lose, so what, the world has ended.  I'll bet everything I have.

[jmanz]

haha.