Minneapolis/St. Paul Nesties
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Anyone refinancing?
We're tossing around the idea of refinancing since the rates have gotten so low. Has anyone done this? I've heard the rule of thumb is that it's worth it if you can go down at least one % point- true? Can you recommend a good mortgage company? (We don't mind ours right now, but if you know a good place that can get us a better deal we're open!) Any other advice?
We're also thinking about doing a 15 year mortgage if the rates/monthly payments wouldn't be too high. Anyone done this?
ETA: Has anyone used an online only mortgage company?
TIA!!
Re: Anyone refinancing?
My mom is refinancing right now into a 15 year mortgage. The rates are great for that. I liked my mortgage lady ok, but if you're happy,I wouldn't switch.
Closing on a re-fi takes longer because underwriters bump you down for purchases. FYI.
We just re-financed our home in April through RMG Mortgage in Minnetonka. They did our original closing and we were really happy with them, so we used them again. They ended up covering all our closing costs for us the 2nd time around, which was nice.
The whole application to closing process took about 2 weeks.
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We refinanced a few months ago. We were at 5.85% with a 30 year term and are now 4.5% with a 15 year term. It was worth it to us.
We went through Wells Fargo again.
Our closing didn't take long at all, it was only a week or two after we had the appraiser come out. From start (first contacting Wells) to finish it was a total of MAYBE 5 weeks. And we refinanced in the busy spring season too. So not every re-fi takes long like dawn said. Just my experience........
edited to fix spelling mistake
I know it depends on how much the loan is for, but because of the interest rate drop, was the increase in your monthly payment pretty reasonable? We could probably handle $100 or so a month... I know there must be some kind of calculator out there to figure this out... **goes to google**
I am just curious if you would be willing to share how much your payment went up or down going down a little more than 1% but doing 15 years instead of 30? Just a difference in dollars, not what your payment was or is.
We just spoke with Wells Fargo and they incouraged us to NOT refi. First because he didn't think we could get to 4.25% yet, since our interest now is 5.25% and with all the closing costs, and mortgage insurance we would almost be taking out more of a loan this time around.
DId anyone pay any costs outside of closing costs?
We ran the numbers knowing we weren't moving anytime soon. Let's say we move in 7 years - we are going to have nearly double our equity in the house to bring to our next house than if we had stayed with our 30 year loan.
Everyone's situation is different though so I urge you to research, research, research and see if it makes financial sense for you.
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I totally agree! I almost don't want to do it just because it's going to be a lot of added stress- but we can save SO much money if we get a good rate and go to a 15 or 20 year instead of a 30 year term.