If you refinanced lately...

smiles4ya · November 2011

What rate did you get? Loan term? How much were your closing costs?

We have around 24 years left on our 30 year mortgage. I'm thinking about doing a 15 but am struggling on whether this is a good idea or if I should try to pay it down more.

HawkeyeBride04 · November 2011

We are actually doing it now...we got 4% for a 30 year with no closing costs. Could have bought down to get to maybe 3.75 but with no closing costs we gladly took the 4%. We had looked at a 15 year which I think we going to be around 3.375 but I was big on getting to a lower monthly payment and just makign extra payments each year to shorten the loan versus having a higher monthly payment

sroby · November 2011

It's been about 15m since we refinanced. Our rate for our 15-year loan is at 4.25%. I've heard it is down to 3.5%. We are thinking of selling/buying/building since the rates are so low.

Amy&Andy · November 2011

If you know you are going to be in that house for a long time, it's totally worth it. Especially when you consider how crazy low interest rates are right now. We refinanced about 16 months before we ended up selling our house cause we thought we were going to be in it for at least another 4 years at that time. I think we ended up breaking even as far as the closing costs for refinancing at that time and the extra equity we ended up having as a result of switching to a 15 year mortgage. It was crazy to see how quickly a 15 year mortgage gets paid down compared to a 30 as far as the principal goes. I totally would have done a 15 year on the new house if we would have been able to swing the monthly payment, and if by some miracle we end up having some extra money laying around in the next few years (as if), refinancing to a 15 year is something I would love to be able to do again.

luvjon · November 2011

We got 3.875% with no closing on a 25 year. I wanted to go 15, but didn't want to commit to the higher payment, so we went with 25 year and plan to pay it down when we can. If they go lower and we don't sell, I will consider refinancing again because it just makes sense.

kms34 · November 2011

We just did it this summer. Our rate for 30 yr is 4.25%. It would have been lower for 15 yr but it made our payments go up and I didn't want to HAVE to pay more every month if we didnt' have to with our daycare budget about to double, etc. We figured if we continued to pay our old payment amount and apply the balance to the principle, we'd get it down to a 22 yr loan. We got 2 months "free" so we applied some of that to our principle as well.

smiles4ya · November 2011

Where are you getting these no closing cost loans? Are the costs not rolled into the loans?

krismill · November 2011

No kidding, smiles - I was just wondering the same thing...

cubluebride · November 2011

We are currently refinancing our investment properties. Set to close next week. I believe the rate is 4.25 for 30 year loans. This is fabulous for investment properties.

We are currently waiting to pull the trigger on our primary home refinance. A while ago, we could have locked in 3.75 for a 30 year, no closing costs. Because the market improved, we would have to pay closing costs now to get the rate, so we are waiting for it to drop again.

We have refinanced all of our properties multiple times in the past few years. We keep thinking the rates can't go lower, but they do.

We decided on 30 year loans for the reasons described above. We can always pay more to pay them off sooner as there are no penalty for early payoff clauses in each loan document, but we didn't want to lock ourselves in to the higher mortgage payment.

We are working with Enterprise Bank for our investment properties. Provident for our primary home.

HawkeyeBride04 · November 2011

We are going through Enterprise Bank- they have been great- the loan officer knew what kind of rate we wanted and contacted us once they got to that rate- for our loam there are no closing costs at all

kms34 · November 2011

smiles4ya:
Where are you getting these no closing cost loans? Are the costs not rolled into the loans?

ours were rolled into the loan.

krismill · November 2011

Smiles -

You got me thinking so I called Union Bank - where we originally financed our home. They told me they would roll closing costs/prepaids into the loan and they quoted 4.25% for a 30-year loan with a credit score of 740 or above.

smiles4ya · November 2011

Pinnacle quoted me 3.25 for 15 year and 3.75 for 30 year

I loathe Union Bank.

I've also called Lincoln Federal and they gave me the same rates a couple - threeish weeks ago. I think you can do better on the rates just watch them and follow up w/ loan person.

brynners · November 2011

We refinanced a little over a year ago. Our interest rate is 3.25% on a 5 year ARM for 30 years. We didn't pay any closing costs, they were rolled into the loan. We plan on moving before the 5 years are up, so it made sense to go with the lowest interest rate. If we don't end up moving, the loan can only increase by 1% interest each year, up to 8%, depending on what the going rates are. I figured we could go 3 years past the 5 and still be sitting at the same rate or better that we were paying before, so we went for it. At the time, our taxes were finally kicking in on our house, and this negated it. We ended up saving around $400 per month.

If you refinanced lately...

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