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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Refi Rates currently?
Actually this time I am asking for someone else....Curious what the current Refi rates are for a 30 yr fixed mortgage.
Anyone do it recently?
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Posted 11/10/11 9:04 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Refi Rates currently?
about 4%
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| Posted 11/11/11 9:18 AM |
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Re: Refi Rates currently?
We are in the process of planning for this. Our mortgage is with BofA and I was quoted a 3 and change percentage for both 30 and 15 year refi. This was within the past 2 days.
We are actually thinking of doing a 15 year fixed mortgage because our monthly payment (with taxes) would only go up about $100.00.
It makes more sense financially.
In the end we'd only save about $200.00 (if that) a month refinancing to another 30-year and we would still have to pay mortgage insurance.
If we do the 15 year we wouldn't have the mort ins. payment anymore, and would be saving something like $250K in interest.
For both, closing costs were quoted between $3500-$4500.00 but the guy also said we wouldn't have another payment until the early spring.
DH and I want to make an appt to sit down with the guy to run the numbers face to face on paper.
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| Posted 11/11/11 9:26 AM |
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Dulcinea
Weekend Warrior
Member since 3/08 2530 total posts
Name:
Dulcinea
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Re: Refi Rates currently?
Posted by Serendipity
Actually this time I am asking for someone else....Curious what the current Refi rates are for a 30 yr fixed mortgage.
Anyone do it recently?
I just did the paperwork for the refi last week and the rate I got was 3.75 for a 30 yr term standard loan. You can most def. get that rate if you got good credit and work with a broker (tougher with a bank).
Check the rates on google or zillow.com and get multiple quotes.
Good luck!
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| Posted 11/11/11 10:43 AM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: Refi Rates currently?
My sister just refi'd at 4%
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| Posted 11/11/11 10:56 AM |
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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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Re: Refi Rates currently?
Is there a big difference in monthly payment if you refi and go down from a 5.2 to a 4.1?
If a 15 year is at 3.7 would your payments be almost the same as a 30 at 5.2?
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| Posted 11/11/11 4:52 PM |
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Dulcinea
Weekend Warrior
Member since 3/08 2530 total posts
Name:
Dulcinea
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Re: Refi Rates currently?
Posted by PennyJ923
Is there a big difference in monthly payment if you refi and go down from a 5.2 to a 4.1?
If a 15 year is at 3.7 would your payments be almost the same as a 30 at 5.2?
The best way to find out is using a calculator... the difference will def. be more if your loan is more, so plug in those #s to compare...
refi calculator
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| Posted 11/11/11 9:36 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Refi Rates currently?
Posted by mzsocialworker1
We are in the process of planning for this. Our mortgage is with BofA and I was quoted a 3 and change percentage for both 30 and 15 year refi. This was within the past 2 days.
We are actually thinking of doing a 15 year fixed mortgage because our monthly payment (with taxes) would only go up about $100.00.
It makes more sense financially.
In the end we'd only save about $200.00 (if that) a month refinancing to another 30-year and we would still have to pay mortgage insurance.
If we do the 15 year we wouldn't have the mort ins. payment anymore, and would be saving something like $250K in interest.
For both, closing costs were quoted between $3500-$4500.00 but the guy also said we wouldn't have another payment until the early spring.
DH and I want to make an appt to sit down with the guy to run the numbers face to face on paper.
Is your original loan through BOA.? Was thinking closing costs would be.more
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| Posted 11/11/11 11:08 PM |
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Re: Refi Rates currently?
We were originally with Countrywide and BofA bought them out.
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| Posted 11/12/11 7:50 AM |
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Re: Refi Rates currently?
Posted by PennyJ923
Is there a big difference in monthly payment if you refi and go down from a 5.2 to a 4.1?
If a 15 year is at 3.7 would your payments be almost the same as a 30 at 5.2?
For us, our issue is the mortgage insurance and interest with the 30 yr, so after he ran all the numbers for the 30, it didn't seem worth it for like what would maybe be a $200.00 a month decrease in payments.
When he ran the numbers though for the 15 year and we thought about all the money we would save on interest..........plus he can get rid of the mortgage insurance since we are paying a higher payment.......
just made more sense, even though our payment would be the same as now basically. That's money towards DS going to med school one day. 
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| Posted 11/12/11 7:54 AM |
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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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Re: Refi Rates currently?
You are right, even if the payment is a little more I am going to refi and do a 15 year, makes more sense. Plus it would be awesome to have the house paid off in 15 years!!
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| Posted 11/12/11 9:21 AM |
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Re: Refi Rates currently?
Yeah. I am also thinking of how the housing prices have dropped so much.......this would hopefully help us personally in building up some equity to do some home improvement projects.
We closed on St. Patrick's Day in 2008 and our house value has dropped a ton.
Knowing we can hopefully pay it off before retirement age too helps. 
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| Posted 11/12/11 9:35 AM |
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Re: Refi Rates currently?
Well ladies, I am glad I had DH follow up as well.
Apparently, the guy I've been in contact with didn't give me "all" the info.
Apparently, we would still have to come up with at least $20K down to qualify for what he was telling me.
I am not sure of all the specifics but he wants me to call on Monday. 
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| Posted 11/12/11 5:15 PM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: Refi Rates currently?
BofA is horrible. I called to refi and they told me the closing cost would be $7000 but when I inquired what these costs were he told me he could not tell me until I payed a $400 fee. I have a mortgage with them already too!
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| Posted 11/12/11 5:25 PM |
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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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Re: Refi Rates currently?
I am pretty sure the closing costs are cheaper if you stay with the same bank.
We are with Astoria FedI called my rep today and I am going to start the process Monday since the 15yr rate is 3.1% she said we may even pay less then what we ar epaying now on a 30 yr cause our rate is 5.1%
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| Posted 11/12/11 5:36 PM |
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