just refinanced my house -- saved $215K -- worth a look --

[riptides]

Good for you.

I attempted to do this a few months ago. It was a serious disaster of undesireable proportions.

We finally got it done. Appraisel value was the key. We had a swing of over 100k in value between the paper work and serious issues inbetween.

It was like we were federal most-wanted candidates. It was horrible. The most depressing thing. Unrealm we still ache.

 

[bp fick]

that's simply not true.

look at this prepayment calculator --

Mortgage Prepayment Calculator: Extra Monthly Payments

staying at 6.125% and paying an extra $300 a month on a 30 year, i pay $220K in interest --

-- going to 4.375% on a 15 year -- with $4K extra for the re-fi -- with the $300 extra a month factored in, only $111K interest paid --

that's a difference of $109K.

Whoa!!! Hold yer horses. I mis-spoke. I should have said "similar" or "substantial" savings. All I was saying is that anyone can turn ones present 30 year into a 15 year simply by putting money on the principle each month and save a bunch of back end interest.

No, just paying more on the principle isn't going to save what you are savings by going from 6.125 down to 4.375. I mentioned that as something I assumed you did. You did well, buddy. Very well.

 

[dmccarty]

We refied this time last year and got a 30 year loan for 4.5%. Unreal. In our old city house I had 8% rate which I eventually refied to a 7%. I remember trying to buy a house in the mid/late 80's and the rates were 10-12%!

The wifey just happened to talk to the credit union yesterday for of one of her clients. The manager mentioned a 3.75% loan! The wifey is going to call back today and find out if that was a 30 or 15 year loan. Wifey swears the manager said 30 but it must be a 15 year loan.

Compare Mortgage Rates | CD Rates | Credit Cards Home Equity Loans Mortgages Best Rate Calculator Bankrate.com has 30 year loans at 5.3 and declining with 15 year loans at 4.8 and dropping. These are overnight loan averages. Don't know how the CU can have a 3.75 15 or 30 year loan. But we are going to call.

Later,
Dan

 

[forgeblast]

We just finished trying to refinance, with our current mortage company. At a certain point we could not get in touch with anyone, it was a ghost town after we dropped $1,500 on closing and appraisals (this being our current mortage company and our unions perferred provider). On top of that they sent out someone who had no idea about rural properties, so we came in low on our appraisal (after i did a lot of work and found a house exactly like ours that was 40k higher then his appraisal plus we are on more land). we were also going to roll in three loans (we have a couple due to medical issues). So we paid the money and then nothing. set up an apointment for a call and blown off. call numbers we had and find out "they dont work here anymore". a big run around. After getting our states attorney general involved we were refunded about 900 of the money. Another thing i wanted was the appraisal which i asked for about 100 times, finally got a copy. I wanted it since it shows our house went up about 100k in value since we closed on it and we could get rid of pmi. not so fast that is a different appraisal and it cost another 500+. Needless to say we are looking at a different lender one who's initials are not wf. as good as it sounds just beware.

 

[herd]

Looks like he's trying to tell us that he likes Kubota's. Nice pic.

 

[CDsdad]

We refinanced last spring. Went from a 30 year 7.25% to a 15 year 4.75%.

We built our house in 2003 and when we tried to roll over from construction loan to mortgage we were told our appraisal was now too low. We are in a very rural county but I found this kind of hard to believe. So we wound up with a crappy mortgage from a mortgage company instead of our EX-bank with our whole 38 acres involved. But it's OK now. We refinanced and got it on just the house and 2 acres.

I found out it wasn't my appraisal in 2003. It was the appraiser and my EX-banker. And my EX-banker never understood why neither my father nor I came to see him for our $150K business loan in 2005.

 

[jinman]

Eric, I commend you for taking the initiative to save a lot of money. Even though you would have to consider the future value you could build with a $300 per month investment over time, that investment in your house may just be the best one you could ever make. Making sure that your investments grow value for you instead of someone else is always a good choice. I have a 5% 15-yr note on my modest house, and it is half paid off. It's a good feeling to be in retirement with fixed income that far outpaces my spending. Using money to its best advantage is always a good choice. I think you did very well.

 

[mjarrels]

Good deal. Back in February of 09 when it looked like C%#I morgage was about to fail, I bit the bullet and just wrote a check for a bunch of money and paid off my mortage 21 years early (didn't want to get caught up in a failed bank) Mortage interest was't dedutable anymore for us. Best thing I ever did. Just sucks when taxes and insurance are due (no escrow acount anymore).

mark

 

[schmism]

Just sucks when taxes and insurance are due (no escrow acount anymore).

mark

we set up our own escrow. just have a second savings account that the bank automatically makes deposits to every month. we use it to pay for insurance,(car, home, life) and taxes.

works the same way except i get to earn intrest on my own money and i have those funds available to me should i need them in case of emergency before my yearly taxes are due etc.

 

[bp fick]

we set up our own escrow. just have a second savings account that the bank automatically makes deposits to every month. we use it to pay for insurance,(car, home, life) and taxes.

works the same way except i get to earn intrest on my own money and i have those funds available to me should i need them in case of emergency before my yearly taxes are due etc.

Yes sir. That "part" of the "house payment" never ends. Even without a mortgage, gotta take the yearly tax/insurance bill and save, at least, that much every month. Never ends. Some of us have been self employed, for income tax purposes, most of our lives. Same thing. Quarterly payments for FICA and SE Taxes. Same kind of thing.

One way, someone else deducts it for you and the other, you just gotta do yourself. It all comes out in the wash.