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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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PSA - refinancing!
if you havent explored the idea - DO IT!
we closed on our condo in 6/08 but locked in interet rates 11/07 before everything really tanked. Our rate was 6.75 
We just refinanced and locked in 4.875  and are saving close to $500 a MONTH!
There are great rates available! Just a thought! 
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Posted 7/30/10 1:42 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
GreenGirl05
LIF Adolescent
Member since 1/06 834 total posts
Name:
J
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Re: PSA - refinancing!
FM 
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| Posted 7/30/10 1:50 PM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: PSA - refinancing!
we are in the process of doing the same thing. Was 6% will be 4.75%
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| Posted 7/30/10 2:16 PM |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: PSA - refinancing!
Posted by JldDolphin
we are in the process of doing the same thing. Was 6% will be 4.75%
 its like found money 
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| Posted 7/30/10 3:51 PM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: PSA - refinancing!
Can I just ask how much it cost to re-finance?
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| Posted 7/30/10 3:52 PM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: PSA - refinancing!
Posted by mamakap
Posted by JldDolphin
we are in the process of doing the same thing. Was 6% will be 4.75%
its like found money
me loves found money. money in our pockets.
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| Posted 7/30/10 4:16 PM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: PSA - refinancing!
Posted by Mssissy
Can I just ask how much it cost to re-finance?
i'm not sure what ours is, but it's based on your mortgage amount. but you can roll it into your new mortgage, so you don't have to pay anything out of pocket. 
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| Posted 7/30/10 4:17 PM |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: PSA - refinancing!
Posted by JldDolphin
Posted by Mssissy
Can I just ask how much it cost to re-finance?
i'm not sure what ours is, but it's based on your mortgage amount. but you can roll it into your new mortgage, so you don't have to pay anything out of pocket.
thats what we did. if we were to pay it out of pocket, it would have been about 5.5k (we have $340k left on our mortgage). HTH
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| Posted 7/30/10 4:34 PM |
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Sweets13
Bella Bambini
Member since 5/05 9300 total posts
Name:
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Re: PSA - refinancing!
I would LOVE to refinance, but my house doesn't appraise for the amount of my mortgage
We have a 30 year fixed rate. Bought in 2006.
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| Posted 7/30/10 4:34 PM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: PSA - refinancing!
Posted by Mssissy
Can I just ask how much it cost to re-finance?
We did this last year and it cost us about $3K. Much less than we thought it would.
The cost will depend on your lender as well as if you are taking any additional $$ out of the house into the mortgage. We kept the same mortgage amount so we didnt have to pay the "recording tax" (I believe that is what it was called)
Also keep in mind you are usually extending the life of your mortgage. So if you are 4 years in, instead of now have 26 years to pay off your house, you now are back to 30.
Its obviously worth it though!
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| Posted 8/1/10 1:04 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: PSA - refinancing!
Posted by Sweets13
I would LOVE to refinance, but my house doesn't appraise for the amount of my mortgage
We have a 30 year fixed rate. Bought in 2006.
Check with your lender.
Although we did a mod and got a 2% rate and would never had known we qualified if we didnt check with them as all lenders are different. We bought in 2005.
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| Posted 8/1/10 2:31 PM |
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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Re: PSA - refinancing!
We looked into this and yes you can save a great deal. The reason we didn't is because by the time we "broke even" - i.e. the monthly savings = the closing costs/fees/etc. it was about 3.5 years (we have a decent rate to begin with). For us, we are thinking of upgrading in anywhere from 3.5 - 5 years. So we didn't want to lock ourselves in thinking we have to stay the 5 just to make it worth the effort. If we moved in 3.5 we wouldn't really have saved anything and it would have been a time consuming process for nothing.
Just thought I would point this out for people who aren't in a "forever" or long term home.
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| Posted 8/1/10 3:02 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: PSA - refinancing!
my mother never refinanced.. she kept her original rate of 8% (this was back in the mid-90s) and kept plugging away by sending extra money every month.. she wound up paying off the mortgage in 12 years...
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| Posted 8/1/10 9:40 PM |
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LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
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Re: PSA - refinancing!
Posted by Sweets13
I would LOVE to refinance, but my house doesn't appraise for the amount of my mortgage
We have a 30 year fixed rate. Bought in 2006.
Like someone else said, check with your lender.
My house appraised for less than what we bought for (but still more than mortgage amt). I know that Chase (my lender) had a program in place that allowed up to refi up to 103% of the appraisal price.
We also ended up saving $500 per month and it cost us about $5K. We've already made up the cost.
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| Posted 8/1/10 9:53 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: PSA - refinancing!
We are looking into refinancing for a 20 yr. It will cost us about 125 more a month, but we will be saving 7 years of paying and about 150K in interest over the life of the loan.
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| Posted 8/4/10 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: PSA - refinancing!
Posted by MrsMadness
Posted by Sweets13
I would LOVE to refinance, but my house doesn't appraise for the amount of my mortgage
We have a 30 year fixed rate. Bought in 2006.
Like someone else said, check with your lender.
My house appraised for less than what we bought for (but still more than mortgage amt). I know that Chase (my lender) had a program in place that allowed up to refi up to 103% of the appraisal price.
.
Same here, Citi told us we had a frannie/freddie backed loan and we could refinance for more than 80% of the value of the house without having to pay pmi.
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| Posted 8/4/10 5:44 PM |
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stickydust
Now a mommy of 2!!!
Member since 4/06 3164 total posts
Name:
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Re: PSA - refinancing!
Posted by MrsMadness
Posted by Sweets13
I would LOVE to refinance, but my house doesn't appraise for the amount of my mortgage
We have a 30 year fixed rate. Bought in 2006.
Like someone else said, check with your lender.
My house appraised for less than what we bought for (but still more than mortgage amt). I know that Chase (my lender) had a program in place that allowed up to refi up to 103% of the appraisal price.
We also ended up saving $500 per month and it cost us about $5K. We've already made up the cost.
When did Chase have this program in place? Because they are telling us that it needs to be more. They are saying our LTV needs to be 75%. Because our home value has gone down (but we still owe less than its value) we do not meet the 75% LTV. Do you know what your LTV was?
I do not know if it is because our loan is a Jumbo and thus not Fannie/Freddie.
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| Posted 8/4/10 7:26 PM |
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LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
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Re: PSA - refinancing!
Posted by stickydust
Posted by MrsMadness
Posted by Sweets13
I would LOVE to refinance, but my house doesn't appraise for the amount of my mortgage
We have a 30 year fixed rate. Bought in 2006.
Like someone else said, check with your lender.
My house appraised for less than what we bought for (but still more than mortgage amt). I know that Chase (my lender) had a program in place that allowed up to refi up to 103% of the appraisal price.
We also ended up saving $500 per month and it cost us about $5K. We've already made up the cost.
When did Chase have this program in place? Because they are telling us that it needs to be more. They are saying our LTV needs to be 75%. Because our home value has gone down (but we still owe less than its value) we do not meet the 75% LTV. Do you know what your LTV was?
I do not know if it is because our loan is a Jumbo and thus not Fannie/Freddie.
This was last June (well we closed last June, started the process in April).
I don't know what my LTV was - but I did have a traditional conforming mortgage and not a Jumbo. I am thinking it's because you have a Jumbo that you are not eligible. It was my understanding that this was a federal program, not specific to Chase.
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| Posted 8/4/10 7:32 PM |
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stickydust
Now a mommy of 2!!!
Member since 4/06 3164 total posts
Name:
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Re: PSA - refinancing!
Posted by MrsMadness
Posted by stickydust
Posted by MrsMadness
Posted by Sweets13
I would LOVE to refinance, but my house doesn't appraise for the amount of my mortgage
We have a 30 year fixed rate. Bought in 2006.
Like someone else said, check with your lender.
My house appraised for less than what we bought for (but still more than mortgage amt). I know that Chase (my lender) had a program in place that allowed up to refi up to 103% of the appraisal price.
We also ended up saving $500 per month and it cost us about $5K. We've already made up the cost.
When did Chase have this program in place? Because they are telling us that it needs to be more. They are saying our LTV needs to be 75%. Because our home value has gone down (but we still owe less than its value) we do not meet the 75% LTV. Do you know what your LTV was?
I do not know if it is because our loan is a Jumbo and thus not Fannie/Freddie.
This was last June (well we closed last June, started the process in April).
I don't know what my LTV was - but I did have a traditional conforming mortgage and not a Jumbo. I am thinking it's because you have a Jumbo that you are not eligible. It was my understanding that this was a federal program, not specific to Chase.
Yup - that is what it is. We do not qualify under "Making Homes Affordable" because it is a jumbo and thus not backed by fannie/freddie. Unfortuately they have since raised the Jumbo limits so if we had bought now it wouldn't even need a Jumbo. Oh well...
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| Posted 8/4/10 9:48 PM |
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BRod-Cheng
I'm going to be a big brother!
Member since 6/07 1860 total posts
Name:
Betty
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Re: PSA - refinancing!
We are in the process of refinancing as well. We are using Bethpage Municipal Credit Union and our interest rate will drop from 5.75 to 4.5. We will save $400 a month.
Can't wait
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| Posted 8/4/10 10:49 PM |
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