Lacee and I just refinanced to 3.25% (from 5%). We also rolled in her car payment and some credit card debt she had. Overall, we will save $400/month and still pay the house off faster. If you have been thinking about refinancing you better get on it while the rates are still super low.

 

In the middle of it now. Streamline FHA refinance, damn the new MIP all to hell.

 

Word. Our MIP went up $300/month I think. But we're still saving ~$250/month. Once the MIP goes away, it'll be really nice.

 

really? ours is only like $75 total

 

Ours went from $142 to $325. We saved $380 on our principle, but our MIP went up by $183, or we're currently only saving about $200. Once the MIP goes away, we'll drop our payments by $325, which should get our mortgage under $2K per month. Can't wait!

 

i really want to do this, at 5.5% right now.

gotta pay closing costs again right?

 

Hitting 78% LTV ever after 5 years is going to be tough :hs:.

Is your loan for a small amount?

You're in NY right? What type of loan are you in now? Let me PM you some contact info.

 

Not really. There are some fees associated with it but that gets rolled into the new mortgage. Lacee and I are actually getting about $5k in cash out of the deal too for future (baby) expenses.

 

$220k

 

I was also wondering about doing a re-fi and what out of pocket costs I will see. What is a MIP?