Anyone refianancing there mortgage?

[neumanns]

With the escalating values and the declining intrest rates we decided to refinance. It has saved as 3/4% and eliminated $75 of escrows. I figure the amount we saved should pay for the closing costs in less than two years at wich time we will come out ahead(based on minimum payment/ we pay considerable amount more to help us slay this dragon). Just curios if anyone else has been doing this. Yeah I know if you cannot pay cash you cannot afford it & many of you are free and clear but surly I am not the only one making a house payment.<br /><br />Why Now? I don't know other than base rates have been showing slight increases as of late and fixed rate mortgages proabably wont be around 6% forever. The rates on ARM's sure are attractive but that flexable rate just scares the bajeebers out of me. I guess you pay now or gamble that you may pay more later.

 

[jinx]

Re: Anyone refianancing there mortgage?

Yep, completed refi in January. Fixed rate. I can see no reason to go variable, because the rates will only go up over time. <br /><br />Jinx

 

[SlowlySinking]

Re: Anyone refianancing there mortgage?

Yes we did, it was the summer of 2003, went from 7.5 % fixed to 4.5 % fixed and cut 3 years off the mortgage, went from 13 to 10 years left, the monthly savings pays the wifes car payment except for $4, best deal we ever got. Timing is everything with REFI's,,,,,,watch the rates.

 

[lakelover]

Re: Anyone refianancing there mortgage?

I went from 10% to 7 7/8%, which was rock bottom around here when we did it, and from a 30 to a 15 year to boot. The new bank required no escrow accounts, and our payment went down.<br /><br />Today's rates, I think about to go up, make my mouth water, but we only have about 14 months left now anyway. <br /><br />Definitely refinance if you can!

 

[KM2]

Re: Anyone refianancing there mortgage?

Refi'd about 2 months ago. Will recover the cost in about 8 months. Did a 3 yr ARM because I don't plan on living in my current place for more than 18 months. The rate is around 3.8%. A variable isn't the right product if your going to stay put. This was our second refi in 3 years.

 

[mattttt25]

Re: Anyone refianancing there mortgage?

refi about 6 months ago. went to a 7/1 arm. by the time it's adjustable, i will have sold it for a hefty profit.

 

[wajajaja]

Re: Anyone refianancing there mortgage?

the only problem with refi is that people tend to renew the mortgage for the same base of time, or they refi a 15 yr that has 12 to go and get another 15 year mortgage. or worst<br /> the lenders tend to market 15/20/35 year mortgages and its hard to get them to amortize a 12 year deal. shouldn't be but thats how it is. <br /> if your less than 6% cent i would invest the extra money you pay on priciple to a 401 keoh.or k. make eight componded now and pay the mortgage off when your done/

 

[neumanns]

Re: Anyone refianancing there mortgage?

Waj...Were near maxed on our 403b with some going to just savings also. Rather than gamble in the market were going for early payoff as well as equity for the time being but we will soon open another investment acount. Had one before and took a hard hit, cashed it for our move but we are near ready for some higher risk with potential rewards. I do have a tendancy to agree with ya though investing in your equity is a low return yet safe alternative.<br /><br />Ps, I have accounted for the extended term in my calculations...Only added 2 and 1/2 years to the scheduled term but will come out way ahead with the extra savings going to principal when compared to old payment. Payoff will come oh so much sooner than previous amortization when figured on the accelerated payment.

 

[Skinnywater]

Re: Anyone refianancing there mortgage?

Bought our first and present home back in '90 when a fixed 30 year was a good deal at 10%.<br />Six years ago we refi'd another 30 years at 7.5%.<br />Last summer we locked in a 15 year fixed at 5%.<br /><br />The real kicker is we originally bought at 80k.<br />Our current note is for 105K. <br />We appraised last summer at 215K.<br />Four months ago the 10 acres accross the street from us sold and five upscale homes are being built on 2 acre minimums. We have six acres.<br />Just two months ago we also learned that an 18 hole golf course was proposed and approved 3 miles away.<br /><br />Home prices are being adjusted monthly around here.