Refinance

[jmsremax]

Wow...that is quite significant savings...BUT I need to ask (having been a real estate agent) without getting into too many details did you reduce the years, stay the same, or add more? Is it an ARM? The reason I ask is some people have been/still getting burned by mortgage lenders. Hopefully this is not the case.

[smokin5]

I'm in the process of refi'ing as we speak (type?).
Supposed to close Friday.
Dropped my rate from 5.75 to 4.5, reducing my
monthly payment almost 23%.
Granted, I'll be paying 7 years longer,
but at that rate, who cares? I can pay it off
early, or let my money ride at an historic low rate.

[jmsremax]

Originally Posted by smokin5

I'm in the process of refi'ing as we speak (type?).
Supposed to close Friday.
Dropped my rate from 5.75 to 4.5, reducing my
monthly payment almost 23%.
Granted, I'll be paying 7 years longer,
but at that rate, who cares? I can pay it off
early, or let my money ride at an historic low rate.

Is it a fixed rate or adjustable (ARM) that will reset in so many years down the road?

[yourchoice]

I'm investigating whether it will be worth it for me. I had what I thought was a killer rate of 5% for a 30 yr fixed that has 19 yrs left on it. I'm checking out what my payments will be for a 15 yr fixed rate. 15 yr rates are below 4% I think. If I can knock 4 yrs off the term and keep my payment the same or lower I'm doing it...so long as the closing costs permit it.

[jmsremax]

Originally Posted by yourchoice

I'm investigating whether it will be worth it for me. I had what I thought was a killer rate of 5% for a 30 yr fixed that has 19 yrs left on it. I'm checking out what my payments will be for a 15 yr fixed rate. 15 yr rates are below 4% I think. If I can knock 4 yrs off the term and keep my payment the same or lower I'm doing it...so long as the closing costs permit it.

These are my feelings when it comes to refinancing (at a lower rate).