mikegeaney Posted August 16, 2011 Share Posted August 16, 2011 One good thing about this economic mess our fine country is in right now is the fact that money is cheap. I have lived in the same house for 12 years, just put an addition on this winter/spring so I did a re-fi which closed on 3/17 @ 5.25%. I was psyched as that was a great rate at the time. That was the first time we had ever re-financed. My brother in law, who works at the bank we got our mortgage thru, told me I might want to check into another re-fi as rates have dropped significantly. Cut to the chase the new rate is 3.99%. In order to get that rate I have to pay 3/4 of a point. With the cash out of hand my break even point is under a year! This will save me $200 per month. Just thought I'd share as I don't think I would have thought of it if someone hadn't pointed it out to me. Link to comment Share on other sites More sharing options...
Bill-V8V Posted August 16, 2011 Share Posted August 16, 2011 Thanks for reminding me Mike, I need to make that call tomorrow Link to comment Share on other sites More sharing options...
Chris@Adams Posted August 16, 2011 Share Posted August 16, 2011 Thats great Mike! Link to comment Share on other sites More sharing options...
MAYBEN Posted August 16, 2011 Share Posted August 16, 2011 good for you! We were supposed to do a streamline refi at the end of last year which would've dropped us to 4.25 from 5.25 and would've been no out of pocket cost to us, but our mortgage guy dropped the ball and lost the rate.. last week we talked to BOA, since they have our current FHA loan, and they said that they didn't have any worthy options.. I sure wish we could figure out something, we could use the savings with the way things keep breaking.. problem is, we don't have any crazy equity since we did an FHA with less than 20% down.. so a streamline was ideal because that didn't matter, nor would an appraisal matter.. Link to comment Share on other sites More sharing options...
bcampbe7 Posted August 16, 2011 Share Posted August 16, 2011 Just did the same thing yesterday at my CU. Started the paperwork to go from 5.5% to 3.8%! Link to comment Share on other sites More sharing options...
Z71_Denali Posted August 16, 2011 Share Posted August 16, 2011 my parents just refinanced their home for the same rate you got on a 15-yr mortgage... i think their payments only went up $100 per month. they had 23 years left on their old mortgage. you know what else is great, leaving within ones means so you don't have to borrow money. one of the reasons i was not affected at all during this "economic downturn" and why i never watch the news. i don't own a home yet, still renting while my work location is not permanent, but i'm working on doing the "100% down payment" plan... how wierd am i? Link to comment Share on other sites More sharing options...
MAYBEN Posted August 16, 2011 Share Posted August 16, 2011 100% down payment would be awesome.. cant do that around here.. Link to comment Share on other sites More sharing options...
Bill-V8V Posted August 16, 2011 Share Posted August 16, 2011 I'm waiting for a call back with details now, I'm looking at 3.5% for 15 years Link to comment Share on other sites More sharing options...
LowNslo Posted August 16, 2011 Share Posted August 16, 2011 100% down payment is a great option for someone who makes 150k a year and lives with others to put back money(heck 5 years and you could by a small house), I went to college and paid for my own school and after I graduated and my (now wife) had jobs we got married and bought a house, and now have a 2 month old child. I still have my toys but I also have a mortgage, that's something that most working class people will always have, cause we always strive to want more than we have and work hard to get there! I bought my home 2 years ago on a 30 year at 2.9 fixed. Gonna be hard to re-fi for me and get a better deal! I'm stuck but I have good equity in my house even on a 30 year so I could sell today and buy up for the same monthly payment, although I would be nice to own a home, I don't see myself in this house for more than 5 more years! Link to comment Share on other sites More sharing options...
MAYBEN Posted August 16, 2011 Share Posted August 16, 2011 2.9, wow! Link to comment Share on other sites More sharing options...
Bill-V8V Posted August 16, 2011 Share Posted August 16, 2011 2.9% would be great !!!! But I'm happy with the 3.5% I locked in at earlier today, knocked 5 years off my existing deal for another $125 per month Link to comment Share on other sites More sharing options...
FASN8N Posted August 16, 2011 Share Posted August 16, 2011 I bought my home 2 years ago on a 30 year at 2.9 fixed. I bet you had to put a ton of money down at closing to buy the rate down that low? Link to comment Share on other sites More sharing options...
Wardo Posted August 17, 2011 Share Posted August 17, 2011 I have been a mortgage consultant/ loan originator for 7 years. If anyone has questions about what options you might have, send me a pm. fyi, Anything discussed would be 100% confidential, through a recorded work line. my info can be give upon request. Link to comment Share on other sites More sharing options...
Z71_Denali Posted August 17, 2011 Share Posted August 17, 2011 a 15 year fixed rate with minimum 20% down is the only way to go IMHO... if you choose to mortgage your home. and that monthly payment should not be more than 25% of your take home pay! if you can't do that, your trying to own to much of a house... or you live in LA, NYC or beach side in Florida Link to comment Share on other sites More sharing options...
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