Refinancing my mortgage

BlackVert

15 Year Member

Oct 3, 2003

5,589

9

98

Bethesda, MD

Feb 7, 2009

#1

• Feb 7, 2009

• #1

I just closed on a refinance of my mortgage. I got 30 year fixed at 4.5%, ,but I had to pay 1.5 points for it. It is worth it though because I am saving $250 per month on my mortgage payments. The laywer who closed the loan with me says he has never seen a 30 fixed at 4.5%.

Anyone else refinancing?

 

drakesdad

Member

Jul 29, 2005

961

0

16

Oregon OHIO

Feb 7, 2009

#2

• Feb 7, 2009

• #2

BlackVert said:

I just closed on a refinance of my mortgage. I got 30 year fixed at 4.5%, ,but I had to pay 1.5 points for it. It is worth it though because I am saving $250 per month on my mortgage payments. The laywer who closed the loan with me says he has never seen a 30 fixed at 4.5%.

Anyone else refinancing?

Click to expand...

Chris, I have thought about it a lot...but I am also attempting to sell mine, and have been for over a year......I am thinking about refinancing and keeping it as a rental , but all of this has not been "thought about" enough.....go job and the low rate.

 

94-302-vert

Active Member

Aug 16, 2004

1,947

2

36

NE CT

Feb 7, 2009

#3

• Feb 7, 2009

• #3

We close on Thursday.. 4.5% fixed, 30 year, 0 points...

 

BlackVert

15 Year Member

Oct 3, 2003

5,589

9

98

Bethesda, MD

Feb 8, 2009

#4

• Feb 8, 2009

• #4

94-302-vert said:

We close on Thursday.. 4.5% fixed, 30 year, 0 points...

Click to expand...

30 fixed at 4.50% with NO POINTS? nice ... i had to pay some serious points to get mine

 

94-302-vert

Active Member

Aug 16, 2004

1,947

2

36

NE CT

Feb 8, 2009

#5

• Feb 8, 2009

• #5

We were talking to the bank at 5.5%, then they went down to 5%, then for one day it hit 4.5%... since we were already in discussions she got us locked in....

Yeah we were pretty amazed...

the down side is we now have PMI since the market sucks.. but in 2 years we'll get rid of that too...

 

R.J.

Member

Aug 20, 2003

813

0

16

Warwick, Rhode Island

Feb 9, 2009

#6

• Feb 9, 2009

• #6

Most professionals say that you should not refi unless you are going at least one full point lower.

 

BlackVert

15 Year Member

Oct 3, 2003

5,589

9

98

Bethesda, MD

Feb 9, 2009

#7

• Feb 9, 2009

• #7

for me, that was more than 1% lower. my previous mtg was 5.75%

 

Black95GTS

Active Member

Jan 8, 2004

1,644

3

38

Marlborough, MA

Feb 10, 2009

#8

• Feb 10, 2009

• #8

I just closed on a house Jan 26th, less then 20 percent down, but we appraised out of PMI. First time home buyer, 5.25% 30 year fixed.

Great time to buy or ReFi!

Adam

 

blksn955.o

Founding Member

Mar 15, 2002

3,263

0

66

st.louis mo 314

Feb 13, 2009

#9

• Feb 13, 2009

• #9

High 4's and low to mid 5's is/was not too uncommon last month. Rates are tending to inch up a tad but you can still find great deals...anything sub 7-6.5% historically is good...absolute best is hands down what is avail. right now. Loans in the early-mid 80's saw 10-12%+ as the norm.

We just refi'd over a year ago at 6.25 back when that was good . We do not plan on staying in the home long enough to justify another refi. At 4.5-5.0 it was very tempting but we are looking to move between now and the next 2yrs.

Friggin' wind last week damaged our roof to the point we have to replace it this spring so its a good thing we did not now.