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View Full Version : Anyone else Refinancing?

Switch
04-09-2009, 10:41 AM
I'm going through the process right now, I'm gonna save big time. Almost $80 grand in interest.

I got a great rate too, %4.25. BALLIN
Trip
04-09-2009, 10:43 AM
who are you refi-ing with?
shmike
04-09-2009, 10:44 AM
4.25 is a great rate. :rockout:

Congrats!
Rider
04-09-2009, 10:47 AM
Thinking about it. I'm at 5 3/8% now. Might not be better if the closing costs are too much.
Switch
04-09-2009, 11:20 AM
who are you refi-ing with?

SunTrust

Thinking about it. I'm at 5 3/8% now. Might not be better if the closing costs are too much.

Depends on how much more you have to pay on your house. You will save money regardless. Don't worry about closing costs, if you plan on staying in your house for a while, then refinance and you will save on interest.
Dave
04-09-2009, 11:41 AM
i really need to. Pretty sure i can knock at least 2 percent off of my interest. Hoping to go next week
Sixxxxer
04-09-2009, 11:44 AM
Im at 5% Even and we just Bought it so I'm good...

But thats a GREAT Rate.
tommymac
04-09-2009, 01:18 PM
we got quoted at 4.8 last week and will prolly lock in real soon. Were looking to close around june 1st.

Tom
Rider
04-09-2009, 01:34 PM
SunTrust



Depends on how much more you have to pay on your house. You will save money regardless. Don't worry about closing costs, if you plan on staying in your house for a while, then refinance and you will save on interest.

I'm 4 years into a 30 year fixed and I don't plan on moving but in my industry you never know when layoffs will force a move.
RACER X
04-09-2009, 02:15 PM
I'm going through the process right now, I'm gonna save big time. Almost $80 grand in interest.

I got a great rate too, %4.25. BALLIN

thats a 15yr note?

got 6.0 7-8 mos ago.......4.25-4.5 is where it needs to get to make it worth "my" while....
Frostz28
04-09-2009, 02:26 PM
I don't know much about this kinda stuff. Maybe you guys could help me out. I currently have a 30 year mortgage that Im 5 years into. I still owe 42K, and my interest rate is 6.00%. I don't know what the current rate would be but I know they are way down. So what do you guys think? would you do it if it were you? I think the closing costs would be around 1800 at least thats what the inlaws paid. you think I should look into it?
Switch
04-09-2009, 02:50 PM
I don't know much about this kinda stuff. Maybe you guys could help me out. I currently have a 30 year mortgage that Im 5 years into. I still owe 42K, and my interest rate is 6.00%. I don't know what the current rate would be but I know they are way down. So what do you guys think? would you do it if it were you? I think the closing costs would be around 1800 at least thats what the inlaws paid. you think I should look into it?

http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

Basically, you will save around 7k in interest, depending on how much you originally financed. I don't think it would be worth it for you since the amount you owe is so low.
Frostz28
04-09-2009, 09:30 PM
[url]the amount you owe is so low.

LOL it sure don't seem that way to me! LOL
R1up0n1
04-09-2009, 10:02 PM
I was thinking about refinancing. I'm 2 years into my 30 year mortgage and I'm locked in at a fixed 6.05%
I talked it over with my fiance last week, we both agreed it would be the time to refinance while the rates are so low. I need to look to see if I can even refinance so early since I am on a first time home buyers FHA mortgage loan.

I'll probably have to look more into it after the wedding next month.
Gas Man
04-09-2009, 10:33 PM
Don't refi... modify. Ask your current bank for a loan modification. You can get the same thing... 30 yr & good rates but without all the closing costs!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!
Rangerscott
04-09-2009, 10:49 PM
Doesnt refinancing hurt your credit?
Gas Man
04-10-2009, 12:19 AM
No, too many credit inquires, too much open credit, too much credit out, ect... they hurt your credit as well as being late and such. But a refi in and of itself... no.
Cutty72
04-10-2009, 12:20 AM
If the flood ever decides to give me any time, I should look into this.
If I could save a full point, it would be worth it.
shmike
04-10-2009, 12:31 AM
Don't refi... modify. Ask your current bank for a loan modification. You can get the same thing... 30 yr & good rates but without all the closing costs!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!

Truth.

Had a client reduce her rate but a full percent simply by asking her bank.

No cost, no fees, etc...
Gas Man
04-10-2009, 01:37 AM
Shit I dropped mine from a 8% interest only 10 yr balloon to a 30yr fixed at 6%... ZERO cost to me!
RACER X
04-10-2009, 02:17 AM
Truth.

Had a client reduce her rate but a full percent simply by asking her bank.

No cost, no fees, etc...

thats it, just ask the bank?
cbrchick
04-10-2009, 08:58 AM
We're 3 years into a 10 year fixed rate at 5% (25 years).

Dunno if we'll bother refinancing....

It's not a bad rate and we're prolly gonna stay in this house until the baby is born. It's a cheap payment and my income will drop by half 4 months after the babe is born (lots of us get a year off for mat-leave up here). We'll prolly refinance once we decide when and if we are moving.