We're looking to go from 5.5% to 3.75%.

 

already did last year went from 6.35 to 4.25 saved a buncha money

 

I am in the process of refinancing right now. I am at 4.75% right now. I basically need my home to appraise for $310k. Right now, comps are around $300k. I am not sure if I want to shell out money to make up the difference to save $150 a month.

So I am doing as much research as I can. I dont want to pay $450 for an appraiser and not go through with the refi.

But Obama has been on the news talking about refi help for folks...one of them being no appraisal cost for the client.

 

I've been keeping an eye on rates. We bought our house 1.5 years ago @ 4.125%, and the current rate is down to 3.75%. "They" say that you shouldn't refi unless you save enough on you monthly mortgage payment to recoup the closing costs within 2 years, so its not quite there yet. If it drops to 3.5% we'll probably pursue it.

 

Ya, there are a lot of variables involved. Last time for me, bottom line was no money came out of my pocket for closing costs. The monthly payments lowered. Win

This time around, I am working more closely with the agent and trying to see which would be the best balance of paying closing costs or points and lower rates. I just hope my place held value. :sad:

 

I wouldn't be able to refi if I wanted to now, owe too much on other stuff

 

Thought about refinancing to a 30 year, but I'm still pretty happy with 4.6% on a 15 year. Already payed the principle down about 10% in two years, and put 20% down when I bought it. Hope to have this shit paid for soon. Cash money, bitches.

 

i thought i was at 5.5%, but apparently i'm at 5%.

 

We're at 4.5% and throwing in an extra payment a year. Had that rate for a couple of years now.

 

I wish I could. :wtc: