See those low low low interest rates? Anyone doing a refi? - Page 2 - Mothering Forums

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#31 of 36 Old 09-07-2010, 05:04 PM
 
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Originally Posted by StephandOwen View Post

Same here We are considering adding another baby to our family in the next year or so and, if that happens, I'll be a SAHM for at least the first year. We are going to re-fi anytime now (dp is working on that). It will save us a little every month, which we'll take any extra monthly income we can right now!

I just saw this! how exciting for all 3 of you! I'm really hoping the sah thing works out for me too.

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#32 of 36 Old 09-07-2010, 08:07 PM
 
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We refied a few months ago - we are paying a bit more a month, but went from a 30 year note (with 28 years left on it) to a 15 year note, and shaved 1.5% of the interest. Saved some place in the range of 250k on the life of the loan.
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#33 of 36 Old 09-08-2010, 09:12 AM
 
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Saved some place in the range of 250k on the life of the loan.
Wow, that's a lot of money. Good for you

We got a phone call last night from our local branch. He told us that with the HARP program, we could retain our line of credit. That was news to us and made our decision much easier. We'll save about 90k by switching to a 15 year loan.

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#34 of 36 Old 09-08-2010, 12:56 PM
 
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Is it possible to refinance when you've only owned a home for a year and a half? We bought our home November 2008 at 6.25%, but I see our bank is down to 4.25%. I think our home is worth about the same as we paid for it (based on zillow which I know isn't reality!!). What do you guys think?
It really depends on how much of your monthly payment has gone towards principal thus far, thereby reducing your new loan amount. You may not even need a new appraisal since it was less than two years ago. However, it usually takes awhile before it is worth it due to fees and loan amount, etc. Try a refinance mortgage calculator with your numbers and give your lender a call. We did our first re-fi a little over two years after the original loan and it worked out great for us (went from 8% to 6%), but this was back in the early 2000s under different lending practices.

Another thought.... Do you pay PMI? Have you paid in enough to get rid of it? If so, I would look into that.

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#35 of 36 Old 09-08-2010, 01:01 PM
 
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We are going to refinance for sure

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#36 of 36 Old 09-08-2010, 03:12 PM
 
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Originally Posted by em123 View Post
Is it possible to refinance when you've only owned a home for a year and a half? We bought our home November 2008 at 6.25%, but I see our bank is down to 4.25%. I think our home is worth about the same as we paid for it (based on zillow which I know isn't reality!!). What do you guys think?
Look into it. Now is a great time to refinance if you can swing it, but you will have to work the numbers to make sure it works out in your favor! I would start by calling your current lender to see what they say.

How long do you plan to be in your home? Figure out what your rate would be based upon regular closing costs and then figure out what it would be based upon a lender credit for a higher interest rate (which would be lower than you have). Then, determine the difference in closing cost amounts, monthly payment amounts, and figure out which makes more sense for your situation.

Our situation is such that we haven't owned our home long, but this is our second refinance. Both times we were able to get the lender to pay our closing costs by giving us a (slightly) higher rate. However, in both situations the rates we refinanced to were lower than the rate we had before the refinance. We don't think we will be staying here long, so this worked out best for us. We wouldn't recoup the cost(s) of refinancing otherwise.
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