Refinancing my mortgage.. made one payment (loans, how much, homes)

[SweepTheLeg]

Background:

15% downpayment
made my first payment last month.

Rates could go about 1.5% lower than what I closed at.

Is it an absolute pipe dream to consider refinancing? I did some numbers and I can cut almost 150 bucks off my monthly payment.

[wileynj]

Originally Posted by SweepTheLeg

Background:

15% downpayment
made my first payment last month.

Rates could go about 1.5% lower than what I closed at.

Is it an absolute pipe dream to consider refinancing? I did some numbers and I can cut almost 150 bucks off my monthly payment.

Typically, you should refi once it's at least 2 percent lower. All depends on how long you plan on staying in the home...

[deb8997]

you may be able to do a streamline fha refi.

[HalfFull]

Since it closed so recently, the bank may still hold the loan and might do a quickie refi for you to keep the loan

[joe moving]

What is your current rate? I saw it hit 4.5 with 0 points the other day ... crazy.

[LaceyEx]

Normally you had to have a 12 month history of on time payments before you could re-fi. Not sure if that's the case anymore.

[MoorestownResident]

The lender I work with requires 90 days between refinances. Depends how much your mortgage is. Don't just look at it as what you will save per month, look at what you save over the life of the loan which is tens of thousands even if a small 75 bp reduction in the rate. I think the days of 2% rule of thumb no longer applies. That was from a time when homes were more affordable, mortgage debt was lower, downpayments were higher.

[tahiti]

Originally Posted by joe moving

What is your current rate? I saw it hit 4.5 with 0 points the other day ... crazy.

Please do tell. I have 6 yrs left on a 10 yr Fixed ARM, but it's probably a good time to refi if I could get it for 4.5 (i'm at 5.125 now).

[joe moving]

I saw 4.5 with 0 pts yesterday on loansearch.com, but it disappeared quickly. It was for 417k and under loan amount only, and most of these best rates assume 80% or less loan to value Throughout the day I saw 4.63, 4.75 4.88, with anywhere from 0 points, to 0.5 pt to 1 point. I think if you keep your eye on loansearch.com, depending on your loan to value, and loan amount, etc. you can get a great rate. I think 4.5 with 0 points would have been a historic low.

I used them for m first loan, 6.0 with 0 points last year. I locked in at 5 with 1 point last week for re-fi, and since then there have been about 20 opportunities to get much better. Unfortunately These are all 30 year fixed.

With the new 5.0 with 1 point mortgage, we'll be up about 12,000 in 8 years. With 4.5 we'd have been up 24,000 in 8 years!!!

[tahiti]

Originally Posted by joe moving

I saw 4.5 with 0 pts yesterday on loansearch.com, but it disappeared quickly. It was for 417k and under loan amount only, and most of these best rates assume 80% or less loan to value Throughout the day I saw 4.63, 4.75 4.88, with anywhere from 0 points, to 0.5 pt to 1 point. I think if you keep your eye on loansearch.com, depending on your loan to value, and loan amount, etc. you can get a great rate. I think 4.5 with 0 points would have been a historic low.

I used them for m first loan, 6.0 with 0 points last year. I locked in at 5 with 1 point last week for re-fi, and since then there have been about 20 opportunities to get much better. Unfortunately These are all 30 year fixed.

With the new 5.0 with 1 point mortgage, we'll be up about 12,000 in 8 years. With 4.5 we'd have been up 24,000 in 8 years!!!

thanks! our loan is below $417 and we have a LTV of < 40% so we're golden.

5% is nothing to sneeze at though, you've done well!