Anyone else Refinancing? - Page 2

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

Quote:

Originally Posted by Frostz28

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/...alculator.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

Quote:

Originally Posted by Tennessee Stud

[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

Quote:

Originally Posted by Gas Man

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!

04-09-2009, 02:26 PM	#11
Frostz28 Redneck Join Date: Feb 2009 Location: Dixon, IL Moto: 2005 GSXR 750 Posts: 138	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? __________________ "I refuse to tip toe carefully through life, simply to arrive safely at death" "Guys like me drink to many beers on Friday after work, our best blue jeans have skoal rings, we wear our boots to church"

04-09-2009, 10:33 PM	#15
Gas Man Trip's Assistant Join Date: Feb 2008 Location: Imported from Detroit Moto: 2009 HD Street Classic Posts: 12,149	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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!! __________________ -Chris "Why pay somebody else to fuck up your bike?" Run Amsoil Product

04-10-2009, 12:19 AM	#17
Gas Man Trip's Assistant Join Date: Feb 2008 Location: Imported from Detroit Moto: 2009 HD Street Classic Posts: 12,149	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. __________________ -Chris "Why pay somebody else to fuck up your bike?" Run Amsoil Product

04-10-2009, 01:37 AM	#20
Gas Man Trip's Assistant Join Date: Feb 2008 Location: Imported from Detroit Moto: 2009 HD Street Classic Posts: 12,149	Shit I dropped mine from a 8% interest only 10 yr balloon to a 30yr fixed at 6%... ZERO cost to me! __________________ -Chris "Why pay somebody else to fuck up your bike?" Run Amsoil Product

04-09-2009, 10:02 PM	#14
R1up0n1 Yo Join Date: May 2008 Location: PA Moto: 2009 Yamaha V Star 950 Touring / 1995 Intruder Posts: 163	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.

04-09-2009, 10:49 PM	#16
Rangerscott Viff6N Mutated Warrior Join Date: Mar 2009 Location: Texas Moto: '01 Honda VFR 800 & '09 ER-6N Posts: 8,704	Doesnt refinancing hurt your credit?