I'm thinking I'd like to pull the trigger on this in the near future if we can. Would like to get the best deal and don't know where to start. Anyone recently done this that can point me in the right direction? For those that may need to know to help........my wife and I both have excellent credit in the mid 700 range. Our loan to home value balance is good too, with the mortgage and a small home equity loan combined we owe about 65% of the homes realistic value (our tax assessment). We are currently at 5.9% on the mortgage (30yr) and 8.59% on the home equity loan (15yr). If at all possible, I'd like to combine the home equity loan and the mortgage into a single lower rate @ 15 years, not sure if we can do this though. Anyone have good advice that can point me in the right direction?
Just locked in last week for 2.875% should close in July. If you can knock off at least 1.5% of the interest it's always worth it.
I just paid my home off last week! But I'm refi an investment home I bought back in the day. Regency Bank and my payment will drop $600 a month But check this out guys. This home will not appraise for what I owe on so for years I could not refi to a lower rate. The guy at Regency bank check into it and found out that my loan was bought by fanny Mae, which means I can refi without having it appraised. So I'm really phyched. If any of you are upside down on your homes check this out.
I just did it also, I got 3.038 rate. I went through Talmer Bank and Trust. I live in MI and the values have dropped nearly 40% in my area.
Just redid mine to a 3.5% from 5.25% so even though it's not the lowest rate I've seen I'm still pumped. One thing I would look into is the actual market value where you're at not necessarily the cities assessment number. That info should be available just by checking similiar homes on the market and recent sales. The way the market has dropped my appraisal came in almost 12% less than the cities assessment. Luckily I purchased years ago at the low point so even after dumping almost all my debt into the new mortgage I still have a nice chunk of equity and $900 less a month. Based on your above numbers you still seem like you'd be solid, I went through a buddy of mine at Atlantic Bay Mortgage and he shopped the loan around and I ended up with Wells Fargo which is who I had to begin with. Now I just need to convince my wife of the necessity of a four wheeler and a decent canoe for this season, wish me luck since I'm sure that will be a much harder process than the re-fi.
What kind of closing costs are you guys talking for those rates. We locked in at 4.0 a couple weeks ago, but our closing costs are $275. This is with Union Savings Bank in Indianapolis. I'm just curious. We have been with these guys for the last 11 years and I have not shopped around. Thanks. Mike Sent from my iPhone
Any updates with this? We're looking at refinancing as well. I need to make some phone calls this week.
Closing cost are the killer in many areas. In Maryland where I lived closing cost even on a refi were outrageous. Get the best rate you can.... regardless of the years. You say you want a 15. Well hell, if the rate is better on a 20 or 30 take it and simply make double principle payments monthly. Doubling your principle payments every month will make one big difference. You have an extra grand at the end of the month.... send it....just make sure you pay and extra amount and your mortgage will disappear before you know it.
I locked in last week @ 3.1 on a 15 year loan with the bank I've been doing business with for a long time. From the day I inquired with my local bank to the next day when I did the app it had gone up from 3.0 to 3.1 before I locked in.....they said 3.0 was the lowest they had ever seen so not sure if rates will start to climb again. Did the math and I'll save roughly 65k in interest. Waiting on everything for the close to start, I assume the closing will happen in July. I had about 5k in closing costs to take advantage of this. Expensive but will pay for itself quickly I figure.
So did you decide to stay put for the long term? I remember you mentioning selling your place in the near future. That's the one reason I won't refinance (although I am at 4.75% on a 20yr so it's not terrible). I won't (hopefully) be here long enough to reap the benefits.
Not sure Matt. I'd like to move in the next 1-2 years, but it will most likely be more like 3 to 5. I'm not leaving this house until I'm in a position to buy/start a small business as my full time job, and I'm waiting for some work things to line up to make that happen. If I'm here for a year, I'll pay $5,500 in interest under the current loan during that period, and under the new loan I'll pay $2500ish in interest. If I stay for 2 years I'll break even on the closing costs, plus I'll be putting MUCH bigger chunks into the principal amount so we will have a lot more equity when it's moving time.
