After reading a USA Today article on rates being at an all time low I couldn't pass up locking in a 15 year @ 2.75% refi. If You been thinking about it nows the time seriously consider it. Mine was at 4.25%.
I am in at 2.75/15 fixed for refi. Appraisal coming next week. There is 1/4 point buy down in there I think that will pay for itself pretty quickly per my math.
i'm in a 5.25%/ 15 year with about 5 years to go, i overpay every month to the principal and have knocked off about 8 months.
can you REFI 5 years? i dont want to add anymore years, i want to get this house paid off.
I closed on a new home yesterday. A 30 year VA loan at 3.375% with no points. Needless to say, I'm very happy. We were paying a about $1350 for our $137K house (which we sold in 11 days) at about 6.9%. The new house is $210K and only cost about $90 more a month. For that we get a 2400sq ft house with an acre full of trees. Miyako is in love with it. I can't wait to see Carpenter running around in the back yard..
The Ole van is at 4.875%......I just might Entertain 2.75% I was told not to re-fi for anything less the 2% diffrence.
It's not some magical threshold - you can do the math.
Cash to close / monthly savings = months to break even (after which you're actually putting money in your pocket).
We're refinancing right now, closing next week. We need $9,500 to close the loan - but they're giving $1500 cash at closing, so it's really only $8,000. We'll save $525 per month.
So that's a little more than 15 months to break even. But in reality, $5000 of the closing costs are escrow pre-payments that aren't actually gone money (and we'll be getting an escrow settlement from our former lender). If you back that out, I break even in less than six months.
After you break even, you're saving money. So it's pretty easy to figure out whether it makes sense for you.
It's not some magical threshold - you can do the math.
Cash to close / monthly savings = months to break even (after which you're actually putting money in your pocket).
We're refinancing right now, closing next week. We need $9,500 to close the loan - but they're giving $1500 cash at closing, so it's really only $8,000. We'll save $525 per month.
So that's a little more than 15 months to break even. But in reality, $5000 of the closing costs are escrow pre-payments that aren't actually gone money (and we'll be getting an escrow settlement from our former lender). If you back that out, I break even in less than six months.
After you break even, you're saving money. So it's pretty easy to figure out whether it makes sense for you.
i'm in a 5.25%/ 15 year with about 5 years to go, i overpay every month to the principal and have knocked off about 8 months.
can you REFI 5 years? i dont want to add anymore years, i want to get this house paid off.
Some Mortgage Companies will but you gotta ask around.
Our lock in today at the 2.75% doesn't have any points added in. With my wife working at the Bank our fees will be around $1K added into the loan total.
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we must pursue an ethic rooted in a hesitant determinism. We need to recognize obvious developmental differences between peoples and regions, but not oversimplify, and leave our options open. We cannot in every instance struggle unconditionally against fate, even though we have a military that will do so if so ordered. --Raymond Aron
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