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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
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Mortgages hit 40 year low
So excited, I have been procrastinating about refinancing. Saw the article in Newsday today about mortgage rates hitting a 40 year low and got right on the refi. We will be saving $22 a month and cutting 7 years off our mortgage. So excited right now. 
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Posted 9/3/10 5:43 PM  |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Mortgages hit 40 year low
Newsday Article
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| Posted 9/3/10 5:45 PM |
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cutie
LIF Adult
Member since 2/06 1893 total posts
Name:
Janine
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Re: Mortgages hit 40 year low
Posted by mommy2Alex
So excited, I have been procrastinating about refinancing. Saw the article in Newsday today about mortgage rates hitting a 40 year low and got right on the refi. We will be saving $22 a month and cutting 7 years off our mortgage. So excited right now.
I'm with you! We have the option of saving 5 years off the current and dropping the monthy payment by $200 or adding 5 years and saving $800 a month.
We are planning on doing the $800 a month option and paying extra each month.
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| Posted 9/3/10 5:49 PM |
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BeachGal
LIF Adult
Member since 2/10 2827 total posts
Name:
J
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Re: Mortgages hit 40 year low
I just called today and was told that I would only save $100 per month and closing costs would be 10k. I'm not going to do it because I dont think the savings it enough and I dont want to start at 30 years again!
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| Posted 9/3/10 6:24 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Mortgages hit 40 year low
Posted by BeachGal
I just called today and was told that I would only save $100 per month and closing costs would be 10k. I'm not going to do it because I dont think the savings it enough and I dont want to start at 30 years again!
I don't know how far in you are but it might be worth it to do. We are saving over 212K in interest over the life of the loan including the interest we already paid. Did you find out how much difference going down to a 20 year would be. We actually went down from a 20 year from a 30 year.
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| Posted 9/3/10 6:52 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Mortgages hit 40 year low
Posted by mommy2Alex
Posted by BeachGal
I just called today and was told that I would only save $100 per month and closing costs would be 10k. I'm not going to do it because I dont think the savings it enough and I dont want to start at 30 years again!
I don't know how far in you are but it might be worth it to do. We are saving over 212K in interest over the life of the loan including the interest we already paid. Did you find out how much difference going down to a 20 year would be. We actually went down from a 20 year from a 30 year.
But if you make an extra mortgage payment every year you can save alot also and have your mortgage paid off 7+ years earlier. It's kind of a wash.
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| Posted 9/3/10 8:08 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Mortgages hit 40 year low
Not really because we would be paying a higher interest rate. We dropped almost 2 percentage points. If you do an amortization of the loan we would end 6 years early and I would still pay over 118K more in interest than my refi.
ETA - Plus, I would have to come up with an extra mortgage payment a year...isn't too easy. Now I am saving $22 a month, not a lot but better than coming up with another 200 a month to make an x-tra payment.
Message edited 9/3/2010 8:26:41 PM.
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| Posted 9/3/10 8:25 PM |
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BeachGal
LIF Adult
Member since 2/10 2827 total posts
Name:
J
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Re: Mortgages hit 40 year low
The mortgage guy also said that it really wasnt worth it for me to do (and you know how pushy they can be to get their commission). I didnt project out how much I would save over time but I pay an extra 2 or 3 payments a year to pay off the mortgage quicker so its hard for me to figure out.
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| Posted 9/5/10 9:44 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Mortgages hit 40 year low
what banks? who has got the lowest rates?
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| Posted 9/6/10 10:16 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Mortgages hit 40 year low
If your house value has dropped, you might not be able to qualify.
"Most lenders won't do it for people with less than 20 percent equity, a problem with today's falling values, lenders and mortgage brokers said. On the Island, 7.4 percent of mortgage borrowers have no equity or less than 5 percent, said CoreLogic, a mortgage data tracker."
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| Posted 9/7/10 10:00 AM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Mortgages hit 40 year low
Posted by Mici C
If your house value has dropped, you might not be able to qualify.
"Most lenders won't do it for people with less than 20 percent equity, a problem with today's falling values, lenders and mortgage brokers said. On the Island, 7.4 percent of mortgage borrowers have no equity or less than 5 percent, said CoreLogic, a mortgage data tracker."
Unless it is a Fannie/Freddie backed mortgage then you can borrow more than the 80% without having to pay PMI.
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| Posted 9/7/10 7:56 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Mortgages hit 40 year low
Posted by BeachGal
The mortgage guy also said that it really wasnt worth it for me to do (and you know how pushy they can be to get their commission). I didnt project out how much I would save over time but I pay an extra 2 or 3 payments a year to pay off the mortgage quicker so its hard for me to figure out.
That is great, I wish I could pay a few xtra payments a year but living on one salary is tough enough as it is.
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| Posted 9/7/10 7:58 PM |
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