Anybody Refinance Recently?

[FaninAma]

WE did on the remaining 50% of our mortgage. We were able to secure a 2.33% fixed loan for 15 years. I would prefer to pay the mortgage off completely off but is seems less imperative when rates are that low. If you can even get a 3% return on the money that it would take to pay off the mortgage it is smarter not to, IMO.

[badger]

We are strongly considering it. Bought back in 2008, so the rates were terribly high or unreasonable back then.

For any renters out there, consider buying: Your mortgage payment may be lower than your rent payment

[StoopTroup]

Make sure you know how to qualify.

[Boomer.....]

We did in October and dropped a 30 year at 5% to a 20 year at 3.5% and the payments went down.

[C&CDean]

We are strongly considering it. Bought back in 2008, so the rates were terribly high or unreasonable back then.

For any renters out there, consider buying: Your mortgage payment may be lower than your rent payment

No girly, rates were terribly high back in the 70's. I bought a home on a VA loan at 12.9% and it was as good as it got.

We refinanced about 6 months ago. Locked in at 3.11. Went from a 30-year to a 15, and our payment dropped almost $300 per month. We got our lake house at 2.99. If you're even considering it, do it.

[badger]

typo ---- weren't. if they were high we probably would have jumped at refinancing already.

[StoopTroup]

We originally had a 30 year fixed. We did a refi over 14 years ago and put the House on a 20 year. It's almost paid for now. We might rent this soon and just buy another House nearer to the HS our kids go to. We live by the Elementary now and it was great that the kids could walk Home. The HS isn't that far away but I'd like a House that will meet my needs as I get older. Once the market changes I could then maybe sell the rental and pay off the new house.

We could pay off our House right now but our investments are doing to well to make that move.

[SoonerStormchaser]

Re-financed from a 6.4 down to a 3.4 last year...dropped over $150 a month off the mortgage payment.

[8timechamps]

I refinanced my home about a year ago (3.17%), but I did just refinance my mom's home (I did the work, she owns the home/mortgage). She was at 3.75%, and refi'ed down to 2.37/15 yr). It didn't save her a ton of money, but like Steve said, with rates this low, there isn't much reason not to do it. May have to look at mine again...

By the way, I have several clients that originally came to me because they had sub-prime mortgages....there was some really ****ty stuff out there. I've seen it all, included a couple that have a home they purchased for a little over $600k (with a very unusually low monthly payment). Not only had the value dropped below $400k, the balloon was due and they were in serious jeopardy of walking away upside down (BIG time). I knew about all of the garbage being offered, but until I took them on, I had never actually seen one of the loans. Someone made a boatload of money selling that garbage.

[SoonerBorn]

Refinanced late last year. Chase (who had our original loan) was a colossal PITA to work with and we had to drop them, but Arvest was smooth sailing the whole way.

[olevetonahill]

I refinanced my home about a year ago (3.17%), but I did just refinance my mom's home (I did the work, she owns the home/mortgage). She was at 3.75%, and refi'ed down to 2.37/15 yr). It didn't save her a ton of money, but like Steve said, with rates this low, there isn't much reason not to do it. May have to look at mine again...

By the way, I have several clients that originally came to me because they had sub-prime mortgages....there was some really ****ty stuff out there. I've seen it all, included a couple that have a home they purchased for a little over $600k (with a very unusually low monthly payment). Not only had the value dropped below $400k, the balloon was due and they were in serious jeopardy of walking away upside down (BIG time). I knew about all of the garbage being offered, but until I took them on, I had never actually seen one of the loans. Someone made a boatload of money selling that garbage.

Im payin 9.5 problem is I have 42 acres and 2 homes, Cant get anyone to Refi but ONE shack and 5 acres at a time

Got maybe 6 years left . Just said **** it, Suck it up and pay it out.

[Turd_Ferguson]

I just said **** it and stopped making my mortgage payment. I heard Barack was gonna start making them for me. I hope it's before the sheriff boots me out...

[SanJoaquinSooner]

Got 5 years left on a 15 year.