Refinancing?

We bought it 2008 and our rate is 6 1/8- I called the bank and we can refinance at 4 1/4- after all the closing costs, etc it would reduce our bill $350 a month-

does that seem worth it?

eta- I think it might be- we pay $150 more than the minimum- so if we continue paying what we are paying now, it looks like we could have it paid off in 16 years

Message edited 12/30/2011 11:52:15 AM.

Re: Refinancing?

is it a 30 year to a 15 year? I'm confused.

That sounds like your closing costs are really high.

We are refinancing from 5.5% to 4.125% no points and saving over $400/mo. We are going through a Harp refi. Lower closing costs, no appraisal fee but your loan must be owned by Fannie Mae or Freddie Mac. There are more details.

Re: Refinancing?

Re: Refinancing?

Yes! Definitely worth it.DH refinanced a few months back from a 5.375% to a 4.875% (30yr fixed) and still saved a bit..the extra payments he makes now chip more away at the remaining balance so its a win-win.

Message edited 12/30/2011 2:08:49 PM.

Re: Refinancing?

Posted by Pray4Baby2010

Posted by Blu-ize

is it a 30 year to a 15 year? I'm confused.

That sounds like your closing costs are really high.

We are refinancing from 5.5% to 4.125% no points and saving over $400/mo. We are going through a Harp refi. Lower closing costs, no appraisal fee but your loan must be owned by Fannie Mae or Freddie Mac. There are more details.

we have a 30 year now and would be going back to a 30 year. If we pay extra, I think we can get it paid off in 16 years though. They gave me closing costs of $2700- this is through HSBC so we don't have to pay mortgage tax which I think would be another 2k

Re: Refinancing?

Yes, that is worth it! I am refinancing and only saving $100-something a month. I plan to continue to pay the old monthly amount plus extra principal to pay off faster!