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gina409
TWINS!
Member since 12/09 27635 total posts
Name:
g
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Refinancing your house
Can anyone tell me the good and the bad
We just got a letter from our mortgage company about doing this and the interest rate is a good amount lower than what we have now
I'm tempted but don't know all the information.
Anyone have advice etc. thanks!
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Posted 7/17/16 12:04 PM  |
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BabySurprise
LIF Adolescent
Member since 9/13 556 total posts
Name:
Me
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Refinancing your house
I am wondering the same thing!
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| Posted 7/17/16 12:11 PM |
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PitterPatter11
Baby Boy is Here!
Member since 5/11 7634 total posts
Name:
Momma <3
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Refinancing your house
We did last year. For us, it was worth it. The interest rate was lower and we converted to a 15 year mortgage. I'd say reach out to various institutions (not just your bank) and try to get the lowest rate and then crunch the numbers factoring in closing costs and what not. Are you planning on staying in your house for a certain period of time - that also is a factor to determine if it's worth it.
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| Posted 7/17/16 1:07 PM |
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M514
Hi
Member since 8/10 6011 total posts
Name:
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Refinancing your house
We did this last year down to a 15 year mortgage. Our interest rate was insanely low.
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| Posted 7/17/16 2:00 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Refinancing your house
We did it two years after buying our house when rates dropped to lower the monthly payment. You do have to pay closing costs again so something to keep in mind. We also plan to be in the house for a while.
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| Posted 7/17/16 2:11 PM |
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gina409
TWINS!
Member since 12/09 27635 total posts
Name:
g
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Re: Refinancing your house
We are planning on staying We only bought 2 years ago
Is it better to do a cash out refinance?
How do you pay the closing costs? Upfront or its factors into what you pay in your mortgage
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| Posted 7/17/16 2:45 PM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Refinancing your house
i would look into it- I was told it would only make sense for us if we could lower our interest rate by two points which is likely never going to happen--it cannot hurt to look into--you can often roll the new closing costs into the mortgage.
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| Posted 7/17/16 2:49 PM |
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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Refinancing your house
We did it a few months ago. Lowered from a 30 to a 20 year mortgage, got rid of pmi, and lowered our interest rate slightly. We rolled the closing costs into the mortgage
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| Posted 7/17/16 3:28 PM |
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TtcDc2
LIF Toddler
Member since 1/13 431 total posts
Name:
Mel
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Re: Refinancing your house
We did it.. Lower interest rate n i went from a 30 year to a 20 year. Definetly worth it
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| Posted 7/17/16 4:14 PM |
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BabySurprise
LIF Adolescent
Member since 9/13 556 total posts
Name:
Me
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Refinancing your house
How long did it take?
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| Posted 7/17/16 7:35 PM |
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OhBaby2
LIF Infant
Member since 1/15 309 total posts
Name:
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Re: Refinancing your house
Posted by evrythng4areason
We did it a few months ago. Lowered from a 30 to a 20 year mortgage, got rid of pmi, and lowered our interest rate slightly. We rolled the closing costs into the mortgage
we did the same exact thing last year, saved .50% on our interest rate but getting rid of pmi was key and we were able to go from 30 to 20yrs.
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| Posted 7/17/16 9:14 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Refinancing your house
only bad is the closing costs involved depending on the bank. We may be refinancing through valley federal because their rate is amazing, and the closing costs are the cheapest out there from what we have researched
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| Posted 7/17/16 9:31 PM |
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gina409
TWINS!
Member since 12/09 27635 total posts
Name:
g
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Re: Refinancing your house
Sorry for the dumb question lol
So if I have a 30 yr mortgage it's going to stay at 30 or go lower?
And I can put the closing costs into my mortgage?
My mortgage payments would be lower right?
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| Posted 7/17/16 10:10 PM |
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FTM427
LIF Adult
Member since 1/12 1261 total posts
Name:
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Re: Refinancing your house
Posted by gina409
Sorry for the dumb question lol
So if I have a 30 yr mortgage it's going to stay at 30 or go lower?
And I can put the closing costs into my mortgage?
My mortgage payments would be lower right?
It depends...sometimes depending on the interest rate you can go from a 30 yr to 20 yr and pay the same amount monthly but you shave 10 years worth of paying interest. Or you can refi from a 30 yr to a 30 yr and have your payments lowered. We did it a few years ago and it was worth it for us to get rid of PMI. We stayed with same bank because they waived some of the closing costs by staying with them.
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| Posted 7/17/16 10:40 PM |
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Jenn79
One more?
Member since 2/12 2410 total posts
Name:
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Re: Refinancing your house
We just did this too to get rid of pmi. We stayed with a 30 yr (bc we don't plan on staying) so our payments dropped almost $300. I heard it's worth it if the interest is at least 1 point lower.
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| Posted 7/17/16 11:46 PM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: Refinancing your house
We attempted to do this to get rid of the PMI, but our rate is really low - so doing it wouldn't make sense. We decided to pay extra $$ Towards the principal and in 17 months, we will drop the PMi and be ahead of the game in years left.
it won't hurt to call a mortgage company and ask
What type of loan do you have now? Conventional?
Did you put 20% down when buying or do the least you could and now pay PMI? what are the rates now compared to what you are paying?
And yes - you should be able to roll in your closing costs.
But id say definitely ask - if you can pay less per month , go for it. If you can drop 10 years off your mortgage but pay close to the same your paying, you can go for that too
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| Posted 7/18/16 7:20 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Refinancing your house
We refinanced a few years ago under the HARP program, it was worth it. We saved about $450/month. Closing costs were rolled into the mortgage (they weren't much though) and we never had PMI so that wasn't an issue for us. We stuck with a 30 yr mortgage.
Message edited 7/18/2016 8:16:19 AM.
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| Posted 7/18/16 8:14 AM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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Refinancing your house
We did it a year or two after purchasing. Reduced our rate, got rid of pmi, and got rid of a bank we disliked.
We're in the processing of doing it again bc rates are so much lower again. This time were staying with our bank and going to a 15 year and should be able to keep about the same payment.
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| Posted 7/18/16 8:41 AM |
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gina409
TWINS!
Member since 12/09 27635 total posts
Name:
g
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Re: Refinancing your house
Posted by PhyllisNJoe
We attempted to do this to get rid of the PMI, but our rate is really low - so doing it wouldn't make sense. We decided to pay extra $$ Towards the principal and in 17 months, we will drop the PMi and be ahead of the game in years left.
it won't hurt to call a mortgage company and ask
What type of loan do you have now? Conventional?
Did you put 20% down when buying or do the least you could and now pay PMI? what are the rates now compared to what you are paying?
And yes - you should be able to roll in your closing costs.
But id say definitely ask - if you can pay less per month , go for it. If you can drop 10 years off your mortgage but pay close to the same your paying, you can go for that too
We have conventional. We put down 20 percent. No pmi
Our rate is 4.5 and the letter he sent us said 3.2. That's a big difference right? Lol
Also someone told me
Something about using the cash to pay off cc debt? We have one card with an few thousand on and would like to get rid of it
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| Posted 7/18/16 10:03 AM |
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gina409
TWINS!
Member since 12/09 27635 total posts
Name:
g
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Re: Refinancing your house
Posted by Hofstra26
We refinanced a few years ago under the HARP program, it was worth it. We saved about $450/month. Closing costs were rolled into the mortgage (they weren't much though) and we never had PMI so that wasn't an issue for us. We stuck with a 30 yr mortgage.
Could you tell me more about this program?
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| Posted 7/18/16 10:04 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Refinancing your house
Posted by gina409
Posted by Hofstra26
We refinanced a few years ago under the HARP program, it was worth it. We saved about $450/month. Closing costs were rolled into the mortgage (they weren't much though) and we never had PMI so that wasn't an issue for us. We stuck with a 30 yr mortgage.
Could you tell me more about this program?
Check out this link to get some info. It was a fairly easy process, mostly all paperwork. I had a bit of an issue with the lender of my 2nd mortgage ( they were just being difficult) but other than that, it should be a quick and easy process.
HARP REFINANCE
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| Posted 7/18/16 10:22 AM |
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gina409
TWINS!
Member since 12/09 27635 total posts
Name:
g
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Re: Refinancing your house
Thank you!!
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| Posted 7/18/16 10:39 AM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Refinancing your house
I just closed on mine last week. I rolled the closing costs and was able to retain my term remaining. It took 3 mos. I did it with my current mortgage provider because you don't have to pay the state recording tax. And it was just easier.
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| Posted 7/18/16 10:42 AM |
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allIwant
Love my crazy life!
Member since 1/10 9170 total posts
Name:
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Re: Refinancing your house
Posted by OhBaby2
Posted by evrythng4areason
We did it a few months ago. Lowered from a 30 to a 20 year mortgage, got rid of pmi, and lowered our interest rate slightly. We rolled the closing costs into the mortgage
we did the same exact thing last year, saved .50% on our interest rate but getting rid of pmi was key and we were able to go from 30 to 20yrs.
Can you explain to me how it helped u get rid of pmi?
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| Posted 7/18/16 1:29 PM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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Re: Refinancing your house
Posted by allIwant
Posted by OhBaby2
Posted by evrythng4areason
We did it a few months ago. Lowered from a 30 to a 20 year mortgage, got rid of pmi, and lowered our interest rate slightly. We rolled the closing costs into the mortgage
we did the same exact thing last year, saved .50% on our interest rate but getting rid of pmi was key and we were able to go from 30 to 20yrs.
Can you explain to me how it helped u get rid of pmi?
For us, we got our home as a short sale below market value, did some improvements, paid as much towards principle as we could for a year. Our new mortgage was less than 20% of the new appraisal value so we were able to get rid of the pmi.
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| Posted 7/18/16 1:40 PM |
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