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Old 08-27-2010, 12:02 PM
 
Location: Houston, TX
17,032 posts, read 26,876,260 times
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Thinking about refinacing my mortgage as current rates are lower than when I purchased. Guidelines on how much this costs and what you have to do to make it happen?
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Old 08-27-2010, 12:30 PM
 
Location: Sloooowcala Florida
1,393 posts, read 2,652,198 times
Reputation: 1203
What is your current interest rate and is your loan upside down now?
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Old 08-27-2010, 02:33 PM
 
Location: Jacksonville, FL
2,739 posts, read 4,748,619 times
Reputation: 739
I'm interested to, I have a 5.5% fixed rate and I don't believe I'm upside down.
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Old 08-27-2010, 02:51 PM
 
Location: Houston, TX
17,032 posts, read 26,876,260 times
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I'm at 5.5% and my house is a year old. I dont think I'm upside down, Inner Loop Houston has held value.
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Old 08-27-2010, 03:07 PM
f_m
 
2,289 posts, read 7,529,817 times
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Quote:
Originally Posted by Oildog View Post
I'm at 5.5% and my house is a year old. I dont think I'm upside down, Inner Loop Houston has held value.
You should most definitely go and look, since you should be able to get below 4.5%. Depends on your location, amount, etc... If you can refi to a 15yr, you can get below 4%.
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Old 10-22-2010, 02:42 PM
 
Location: Houston, TX
17,032 posts, read 26,876,260 times
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Well I pulled the switch on the refi program today...targeting a 20 year at 4.125% Knocking off 10 years and 1.25% off what I had.
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Old 10-22-2010, 04:35 PM
 
Location: Utah
5,005 posts, read 14,475,059 times
Reputation: 4990
Cool. I started Monday on my refi. From 6.75% down to 3.75% 15 year loan. Payments estimated to go up only $9.
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Old 10-22-2010, 07:05 PM
 
Location: Fairfield, CT
5,844 posts, read 8,606,309 times
Reputation: 6286
Quote:
Originally Posted by eggalegga View Post
Cool. I started Monday on my refi. From 6.75% down to 3.75% 15 year loan. Payments estimated to go up only $9.
That's an excellent choice. I became a big fan of 15-year mortgages after I refinanced to one back in 2001 and saw how fast the principal declined compared to a 30-year mortgage. I am now happy to say that as of one week ago today, I am mortgage-free.
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Old 10-23-2010, 07:03 AM
 
Location: Fairfield, CT
5,844 posts, read 8,606,309 times
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Quote:
Originally Posted by Oildog View Post
Well I pulled the switch on the refi program today...targeting a 20 year at 4.125% Knocking off 10 years and 1.25% off what I had.
Excellent. Getting it paid off sooner is the way to go.

I'll feel my new freedom for the first time on Nov. 1st, when I don't have to make that payment that I've been making for my entire adult life. I'm sure it will be nice feeling.

You might as well lock in these good rates now. Later, when we have high inflation and interest rates are a lot higher, you'll be sitting pretty.
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Old 10-23-2010, 07:12 AM
 
Location: Texas
2,847 posts, read 1,959,752 times
Reputation: 1747
did you use someone local or a national lender?
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