About to Refinance My Mortgage

[...and some waffle fries]

Refinance to a 2.25% from a 3.60% in Feb. Just bought a new construction home last yr. Saved over $400/month.

 

[LeVraiPapi]

Hell yeah .youd save so much just off interest alone

I thought it would be more. My credit is about 805


On a side note my home has 195k worth of equity on it. That’s crazy how expensive these homes have gotten

 

[Skooby]

I thought it would be more. My credit is about 805


On a side note my home has 195k worth of equity on it. That’s crazy how expensive these homes have gotten

My credit score has been over 800 for 15 years.

Could you possibly get a 2-point something interest?

 

[Poetical Poltergeist]

Saving 4 bills a month.

 

[Icantspell]

saved about 1200 a month but went back to a 30

if we pay the same amount as before, the house will be payed off in 11 years & 9 months

 

[bourgeoisie tall freak]

i feel like if i want to pay my mortgage off soon, that refinance fee can be better spent on principal that will be more than whatever interest i save before i pay it off. does anyone know any free refinance offers?

 

[CrimsonTider]

i feel like if i want to pay my mortgage off soon, that refinance fee can be better spent on principal that will be more than whatever interest i save before i pay it off. does anyone know any free refinance offers?

The cost rolls into the new mortgage

 

[bourgeoisie tall freak]

The cost rolls into the new mortgage

i guess. but my whole thing is to pay it off quick so it doesn't seem worth it if i have to add 3-4k on to the note. but if it's free i'll take it

 

[charknicks]

In the process of refinancing my mortgage now. Cutting 3 years off the mortgage, and the payment will only be about $30/month higher.

 

[LeVraiPapi]

My credit score has been over 800 for 15 years.

Could you possibly get a 2-point something interest?

He told me that was possible and all the numbers were off speculation alone.

 

[LeVraiPapi]

saved about 1200 a month but went back to a 30

if we pay the same amount as before, the house will be payed off in 11 years & 9 months

That’s a very good deal bro.

 

[Mr. 1nighter]

I disagree. I refinanced back to a 30 because there's no penalty for early repayment.

if you go from a 30 to a 15 or 20, u are locked into a higher payment. if you go from a 30 to a 30, you can still pay extra or pay it off early because you can pay the same payment as if u had a 15 year mortgage. basically having the longer term mortgage gives you more flexibility.

for me, say times get hard, I can immediately go back to paying the lower term I have now instead of adding extra onto the principle each month.

It lowers your DTI as well which isn’t good.

 

[Mr. 1nighter]

You also can refinance the mortgage and not start over in years.

 

[SleezyBigSlim]

$150! God damn how bad was your credit?
Our pmi was $20 and was taken off after 8 years (we were sub prime since we got our house at only 24 years of age).

$150 is the norm now. Did you refinance to get it taken off? With a sub prime you would probably want to so I understand if you did refinance.

 

[SleezyBigSlim]

In the process of refinancing my mortgage now. Cutting 3 years off the mortgage, and the payment will only be about $30/month higher.

You didn't need to refinance to cut three years off your mortgage or pay an additional $30/month. You can pay just 1 additional payment a year and knock 7 years off your mortgage and that's just 1 path there are multiple ways to shorten that mortgage without refinancing.