w00t! Refi'd today

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Bob Vila

Bob Vila

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Been talking to our mortgage broker over the past week and finally decided to pull the gun today on refinancing our mortgage. When we bought the house we had an interest rate of 6.875 and have just refi'd at 5.50%. Saving around $200+/- each month which is great. Best part is since we're using the same company (GMAC) where doing what they call a streamlined refi so we don't have to do any verifications (salaries, credit, etc.). Only thing required is updated employment information and another appraisal.

Since I haven't seen any fluctuation in the rates since the cut yesterday (which normally you won't due to mortgages being tied to the bond market) I figured there's not time better than now. Whats cool too is if the rate is any lower than what it is locked into, then we'll get that rate at the day of the closing. Pretty stoked as we're saving an additional 2400 bucks each year with this change on top of what we have already been saving...

:):)
 
he used GMAC (its up there)

i'm currently with with national city mortgage.... not sure where i'm going yet.
 
I'm at 5.6 since the beginning, which sucks because I can NEVER take out another refi loan. The amount I would borrow would immediately be taken up, plus some, by the increased interest.

All of the money I saved up for my house is now being spent on mortgage while I take some classes and get a new job. In retrospect, I'm really glad I took that route.
 
B said:
he used GMAC (its up there)

i'm currently with with national city mortgage.... not sure where i'm going yet.
Click to expand...

Not sure if your'e going to get much- you've been there for only a few months now. From what I was told they usually like at least 12 months in the residence, but it could have just been the companies I was looking into when we were looking to refi after only a few months after ownership.
 
I've got a 1st mortgage of $140,000 @ 5.75% with Chase, down to about 130k now, and I have a 60,000 heloc at a variable rate currently at %7.25 with Wachovia, and I'd love to lock that at a lower rate.
 
i called the bank after they announced that extra 1/2 point drop in the prime

they told me the feds drop the prime to drop SHORT term interest rates to get people to borrow and spend, usually dropping the short term rates makes the markets go up which increases long term rates

i found that interesting
 
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