- Aug 28, 2011
Crazy right!!! Historically 4.1% is a great rate.Just signed papers to sell our house in Vermont (more or less inherited from my in-laws) and the buyers have a rate similar to that, I think 2.275% on a 15 year. I haven’t really watched the rates. I’m still at 4.1% on my 15 year but there is no point in refinancing with 6 years left.
I was able to grab a 2.5% 15 year with almost no costs 7 years ago when the rates dipped. I've been looking, but can't find anything to actually save me money.Crazy right!!! Historically 4.1% is a great rate.
I’m pretty conservative but I know folks that have cashed out at lower rates knowing they could make more in markets or other investments.
can’t wait to not have mortgage payments.
Thank you for this. I also just closed at better.com last week. I went from a 4.5% 30yr to a 2.18% 15yr. I locked in about 2 weeks ago or so.I just closed on Saturday and used better.com which was super easy.
Was at 4.125% for a 30 and went to 3.125% for a 20. I could have gotten 3% for a 20, but they paid me $2,300 to take a higher rate. Break even is about 7 years on that so i took the cash upfront. They gave me an appraisal waiver so my closing costs were $1,000. Basically got paid $1,300 to refinance.
Better.com right now has a 20 year refi at 2.875 and they'll pay you $1,500 to take that. You'd likely be paying very little out of pocket.
Just finished a refi. 4.3 % to 2.75%. Saving $500 a month ( which I already have been spending on bourbon so kinda a break even).
What you need to do is plan on being an alcohol consultant. Post here in the beer thread, or start your own. Then you can write off your booze as a business expense.
Using better.com to refi my multi-family investment in JC, NJ. Should be closing by the 15th of this month.
Thanks to this thread I got into the idea of refi and I will be able to get rid of the FHA monthly MI, shaved 6.5 years off the term (from 26.5 to 20) , and still saving about $300 per month. Was able to catch a 3.0% rate (went down from FHA 4.25%). It wasn't the lowest rate but I tried to minimize closing costs so I'll be paying about 1.7k cash to close. Better.com makes the process a lot smoother than I thought.
Thanks to whoever recommended the site here in the previous pages. Great experience so far. I hope my closing goes without any hiccups
EDIT: I see some people essentially got paid to refinance. That is freaking awesome. I wonder if loan size has something to do with it. I still have 498k payoff. My refi will cost about $1.7k which isn't bad IMO, but I'm glad others have gotten paid to do it. What a great deal that must be!
I just used quicken loans rocket mortgage and was super easy. I had 22 years left on a 30 and refi to a 15.Looking to refinance from 30-year (with 25 yrs left) to a 15-year while rates are much lower than ours and hoping for as little upfront cost possible. Is LenderFi, Better, LendingTree or seeing what existing mortgage company can do the best play to start here?
Personal finance experts of the BY: is it worthwhile to refinance a mortgage that I just took out last year?
I'm paying 4% interest on a 30-year mortgage right now, but could potentially refi down to 3% (also 30 years) and reduce the monthly payment by $200.
Depending on how long I take to pay it off, I could save somewhere in the ballpark of 25K in interest over about 20 years. Mortgage interest tax deduction isn't likely to be a factor. Closing costs would be 5K.
FWIW, turning 5K into 25K over 20 years is equivalent to a 9% annual return, which seems pretty good.
Should I go for it? Anything seem out of line?
Look at a 15. Rates are usually significantly lower and because a big chunk of your monthly mortgage payment goes to taxes and fees it really doesn't make your mortgage crazy. We are going from 28 years left to a 20 right now. Wanted a 15 but the payment was too much of a stretch for us. Any term over 20 might as well be a 30. Most mortgage companies will allow you to match your current term as well so if you have 28 years left you can do a 28 instead of a 30. Stretching your mortgage back to 30 years and/or taking cash out of your home are two of the biggest financial mistakes people make today. Hope this helps!