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The wife and I are looking into this at the end of this week.
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Just be prepared to have to close it all over again which usually means paying a couple grand in closing costs. Also, they normally like to try and get you to go back to a 30 year loan even if you have been paying on it for 10 years. That makes it look like they are saving you a ton more money per month then they really are.With the Fed dropping 50 basis points off the current rates theres a lot of talk about refinancing, rates seeming 3.5-3.75%
I learned that my loan type (USDA) I can refi, but has to be 12 months (April 16th will be our 12 months since closing), so I may look to get the ball rolling. I'm currently at 4.5%. I wouldnt take out any equity (not really much in it, other than the appraisal valuing it more than what my balance is), just looking to lower my payments
Anyone else looking to refinance? Or even have experience having done that for those of us who are newbs?
Any info is appreciated!!
For some perspective, when we bought our first house in 1995 our interest rate was 9% so these current rates seem impossibly low by comparison.
In the early 90's the interest rates in the UK hit 15%, so imagine how it seems for us now when we are sitting around 3%I called our credit union Tuesday to see if there was anything they could do on our 5/1 mortgage that we took out in December of 2017. They have a reset option where the only fees are $950 so today I’m locking in a 5/1 ARM at only 2.5%. Our current mortgage is at 3.375% so our monthly payment will drop quite a bit making the break even point only 3 months.
For some perspective, when we bought our first house in 1995 our interest rate was 9% so these current rates seem impossibly low by comparison.
Been looking at this myself! You guys are now getting me fired up to make it happen.
Only concern is, wife keeps talking about moving. If I'm not mistaken, refinancing is only a good idea if you plan to stay in the house for 5 years or more, correct?
Not bad at all. The 1% back is pretty nice, but with closing costs in Texas being so high, that 1% will really only pay a small portion of them.Yesterday I was quoted 3% on a 30 year fixed rate,getting 1% of the loan amount back toward closing cost. I could also go 2 7/8% and pay the closing cost plus a .5% point. I was a little concerned rates may not have quite bottomed, but if they go down before I close we can float it down.
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Not bad at all. The 1% back is pretty nice, but with closing costs in Texas being so high, that 1% will really only pay a small portion of them.
We just closed on our refinance. Had remote title come to our house.
No costs besides escrow roll which a credit will be coming. No appraisal and all fees waived. Could have dropped below 3 for 1 point and fee but happy with 3.25 as now there is no recoup time frame and drop in monthly payment is good. Not staying here long term and starting over just 2.5 into it was no big deal.
Plus we don't have payment until May.
All in all happy and good timing with what is going on now.
Same company that did our original:Who ya end up going w/ Doug?
Reset.....I like that word. Been trying to get in touch with Wells Fargo myself to see what "reset" they will do for us. But just to see, contacted another lendor we've used in the past, however not really interested if my out of pocket is going to be high.A few weeks ago our credit union allowed us to do a "reset" on our 2.5 year old mortgage which meant only one signature each on a two-page document. We will sell our house in 3 years and not replace it with another home so we did a 5/1 ARM at 2.375%.
Reset.....I like that word. Been trying to get in touch with Wells Fargo myself to see what "reset" they will do for us. But just to see, contacted another lendor we've used in the past, however not really interested if my out of pocket is going to be high.