Homeowners? Go refinance

We did a refi three years ago, 15 year. We just refid again, 10 year. We went from 4.75 to 2.75% for a total life of loan difference of around 30k. Everyone, go do it now.

But I only have a year left on the current loan?

We just closed on our house in Dec. Too early?

We are at 4.75% for 30 years. I've looked a little but I need to get off my butt.

I have contacted a guy at GMAC Finance and we can do what they call a "streamline refinance".

Just hard to get somebody to call me back......

Can't. Over 10k upside down. Citimortgage won't even talk to us about a refi despite(possibly because?) never missing a payment or being late over the last 5-years.

petegossett wrote: Can't. Over 10k upside down. Citimortgage won't even talk to us about a refi despite(possibly because?) never missing a payment or being late over the last 5-years.

Look at a HARP lender if your loan qualifies. Its perfect for people who are a little upside down as they will refi up to 120% if you are current on your mortgage. Dropped my loan from a 7.5% 30 year to a 4% 20 year and I was upside down as well.

What kind of percent change in your month to month are we talking about? Nothing since you reduced your loan time? Is it worth refinancing if you plan on moving in 2-3 years?

Fair warning: all the cool kids are doing it, so be prepared for slow process.

You can also expect a financial colonoscopy, but yes - worth the trouble if you can get it done.

RossD wrote: What kind of percent change in your month to month are we talking about? Nothing since you reduced your loan time? Is it worth refinancing if you plan on moving in 2-3 years?

We got approved a few months ago, but got jacked on our appraisal.

Bought the house ($99k with 0 down) 3 years ago on a 30/yr at 5.675%, got approved at 15/yr for 2.80%.

Even rolling in the cost of our refi, our payment was going to go up only ~$65 month, meaning still under $900/month including PMI/property tax/insurance. And after 5 years we'd have WAY more equity in it.

We are going to do some work to the house over winter and see if we get a better appraiser in the spring. I may even try for a 10 year loan.

3.8% on my Jumbo here. Which is just crazy.

I do need to get off my azz and do this - if 2.75 is a real number then I can move 2 full points.

On a refinance with my existing lender (Wells Fargo), they are showing me 4.0% and $2,554 in fees for 30 years, 3.125% and $4,230 for 15 years.

Yep, working on ours right now. going from 6.x% to 3.x% Should put some money back into the budget every month for savings, trips, racing, etc.

Just signed the papers yesterday. Fourth re-fi in eleven years.

I doubt they can do anything for me, but this a good reminder to take the time and try

Probably at least 120% on my house, but at least I had it moified a few years ago to ease the pain. Man I miss equity

Currently about 2 years in on a 15 year@3.875

Need to check rates again and see what I can find.

I just signed a 20yr 3.49% down from 30yr 6%. Shaving 3 years off the payments and hopefully $130 off a month :)

For those of you with excellent credit, there are lenders that will do the refi with NO out-of-pocket costs and still offer a competitive rate. Certainly something to look at if your situation could involve a move in the near future. Thousands in fees to greedy banks is going to lengthen your break-even considerably.

1988RedT2 wrote: For those of you with excellent credit, there are lenders that will do the refi with NO out-of-pocket costs and still offer a competitive rate. Certainly something to look at if your situation could involve a move in the near future. Thousands in fees to greedy banks is going to lengthen your break-even considerably.

Any details? I started to refi with my mortgage company. Went to pull the trigger and dude won't call me back. Maybe that's company policy (let the sucker pay 6% for three more months while life gets in the way.) I have killer credit.

Got the same deal as the OP. 10 year @ 2.75%. I keep paying what I was before, and it's paid off in 7.

In reply to poopshovel:

I went through CapCenter (www.capcenter.com). We did 15 years at 4.0%, but that was a couple years ago.

2.8 % for 15 years

Just did it on our primary home this week.

Sometimes, it seems like NO out of pocket, because they throw all the fees into the new mortgage and then they put off the first payment for a month (you're not skipping the first payment....they just put it all back a month).

We have a summer house that's almost paid off. It's about 4.7% but since it's an older mortgage, most of the payment goes to the principle. There's not a lot of interest paid at this point anyway.

. . . I didn't know it was that low . . . I need to get on this. . .

Definitely check into it folks. Take advantage of everything you can to pay it down. Make sure your loan will accept/credit you for extra principle payments and make them whenever you can.

We refi'd about 8 years ago and went from 30 yrs to 15 yrs with a $10 increase in P&I. We've also paid extra principle on every payment except the very first one. We will own our home in the next 3 months (depends on if we decide to just pay it off or not) which will be 14.5 years max from the original purchase.