Due to the poor economy I was able to refi my house at a excellent rate. 3.5% on a 15 year loan. My payments are the same and I shaved 13 years off my current loan. I’m pretty pumped about that.
August 29, 2011 at 2:16 pm
#1273616
Got to love the current state of the economy.
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August 29, 2011 at 2:45 pm #991600
Wow
Congradulations on your smart moveAugust 29, 2011 at 2:54 pm #991601Very good sir.
August 29, 2011 at 3:22 pm #991609Nicely done! Would you mind revealing the mortgage company?
August 29, 2011 at 3:25 pm #991610all homeowners should be looking at refinancing now.
August 29, 2011 at 3:34 pm #991612I took advantage as well. 3.9% went from 29 years down to a 20 year.
I went with altra credit union in LAX
August 29, 2011 at 3:35 pm #991613Quote:
Nicely done! Would you mind revealing the mortgage company?
Affinity Plus Federal Credit Union. Awesome place to bank.August 29, 2011 at 3:41 pm #991617Quote:
Due to the poor economy I was able to refi my house at a excellent rate. 3.5% on a 15 year loan. My payments are the same and I shaved 13 years off my current loan. I’m pretty pumped about that.
WHoaa?? WHat was your rate before the refi? 7.78% ?
August 29, 2011 at 3:45 pm #991621Quote:
Quote:
Due to the poor economy I was able to refi my house at a excellent rate. 3.5% on a 15 year loan. My payments are the same and I shaved 13 years off my current loan. I’m pretty pumped about that.
WHoaa?? WHat was your rate before the refi? 7.78% ?
5.25% for the primary and 5.4% on the LOCAugust 29, 2011 at 4:29 pm #991632my mortgage from 2 years ago was at 4.75%, so i don’t think i could really make a move on that.
August 29, 2011 at 4:29 pm #991633Nice Job!
August 29, 2011 at 4:57 pm #991645Quote:
my mortgage from 2 years ago was at 4.75%, so i don’t think i could really make a move on that.
If you’re willing to make a slightly higher payment you might be able to go down to a 20yr?
I’m almost 8 years into a 30yr at 5.5% and locked into refi for 15yrs at 3.375% fixed. Not sure on some of the math above but in my case the new payment will be just slightly higher and we knocked off over 7 years of payments.
August 29, 2011 at 5:06 pm #991652I’m assuming a refi will only be a go if your current mortgage isnt underwater?
August 29, 2011 at 5:12 pm #991655Quote:
I’m assuming a refi will only be a go if your current mortgage isnt underwater?
I would assume you will need some equity in the house to get the low interest rates. If your even or upside down to the value of the home the rates are going to be higher based on my experience.
I got out of an ARM a few years ago and am kind of kicking myself for doing it with the way rates have stayed down and what I could have gotten into now, but at least I know my current payment will not change.
August 29, 2011 at 5:14 pm #991656Quote:
I’m assuming a refi will only be a go if your current mortgage isnt underwater?
Not necessarily, If the mortgage is backed by Fannie Mae or Freddie Mac it might qualify for a ‘Harp’ refinance…check with the bank that holds your loan to see if it qualifies. This is similar to a streamline refi and the closing costs can be very low tooAugust 29, 2011 at 5:24 pm #991660Just adding a vent for us less fortunate folks. I sure wished the Feds would have included a loophole for a streamline interest only refi option with their new and improved regulations. Being self-employed, my income structure has changed that I don’t fit the governments mold of a safe loan. Ironically, never been late or missed a payment and have held credit scores in the 790’s to low 800’s. I tried to refi at 3.29% and under-writers couldn’t do it because their hands were tied. Banks no longer have the ability to over ride the system. End result was knowing I would have saved NET 91K. Money i wanted to use on the new boat
August 29, 2011 at 6:25 pm #991673I’m dropping 13 years off my mortage for less than a $100 monthly payment increase. Went thru Affinity as well.
August 29, 2011 at 7:18 pm #991681Quote:
I’m assuming a refi will only be a go if your current mortgage isnt underwater?
Mark is right, Fannie/Freddie allows some HARP (home affordable refi program) with your current lender, even if your upside down or owe more that what your home is worth. I have done some loans at the 125% loan to value and they also had a 2nd lien as well. If anyone has a Wells Fargo mortgage, it would be in your best interest to contact me or your a Wells Fargo Consultant about your mortgage. I work for Wells(please no big bank bashing, it pays the bills, and simply trying to help out fellow outdoors men or women)as we have some current customer programs going that may be beneficial. Remember all refinance deals are held in total privacy.
August 29, 2011 at 7:24 pm #991683Quote:
Just adding a vent for us less fortunate folks. I sure wished the Feds would have included a loophole for a streamline interest only refi option with their new and improved regulations. Being self-employed, my income structure has changed that I don’t fit the governments mold of a safe loan. Ironically, never been late or missed a payment and have held credit scores in the 790’s to low 800’s. I tried to refi at 3.29% and under-writers couldn’t do it because their hands were tied. Banks no longer have the ability to over ride the system. End result was knowing I would have saved NET 91K. Money i wanted to use on the new boat
Randy H.A.R.P. is put into place to help self employed borrowers like yourself provided your loan is backed by Fannie or Freddie or even a govt streamline refi. Mortgages are unique to each person, therefore some will benefit as others will not. Its life, it stinks, I know. Dealing with smaller banks/credit union such as Affinity, whom are NOT regulated by Fannie/Freddie can make their own guidelines and lend on relationship vs. guideline can help self employed borrowrs.
August 29, 2011 at 7:36 pm #991684Nice…I just got a 3.25% on a 10 year fixed. Tacked on about 25,000, home payment went down by $100. Go figger…
August 29, 2011 at 8:52 pm #991710I am waiting a couple months to grab some 401k money to pay off house.
Otherwise I’d refi the place.August 29, 2011 at 8:57 pm #991712For the people that are considering a refinance, don’t just look at interest rate and time period, be sure you’re looking at the closing costs too. Sometimes the cheapest interest rate isn’t always the best deal.
August 29, 2011 at 9:12 pm #991715Quote:
my mortgage from 2 years ago was at 4.75%, so i don’t think i could really make a move on that.
This is pretty much exactly where we were at… 18 years left on a 20, payment went up $8 and we shaved 3 years off, down to a 15 year
We also dropped about 1 % point and we are with WELLS FARGO too We got into some program where there was no appraisal needed and really no closing costs to speak of Don’t know if it mattered, but we are in real good shape in our place, with over $80K less owed than appraised value… and that’s down too 
(real money we saved $22K) 
Wilton, WIAugust 30, 2011 at 3:30 am #991790“The Wade”
August 30, 2011 at 1:16 pm #991833Quote:
Quote:
my mortgage from 2 years ago was at 4.75%, so i don’t think i could really make a move on that.
This is pretty much exactly where we were at… 18 years left on a 20, payment went up $8 and we shaved 3 years off, down to a 15 year
We also dropped about 1 % point and we are with WELLS FARGO too We got into some program where there was no appraisal needed and really no closing costs to speak of Don’t know if it mattered, but we are in real good shape in our place, with over $80K less owed than appraised value… and that’s down too (real money we saved $22K)
Big G nice job with that loan. I do a lot of these for people…almost sounds to good to be true, right?
August 30, 2011 at 3:45 pm #991870That’s what I was thinking
but it is true !! I have the paperwork to prove it We sign next week sometime.August 31, 2011 at 1:50 am #991996I never thought we’d get lower than the 4.25% or so we saw last year. I refinanced at 4-3/8%. So I’m kind a sitting her jealous at you guys but it doesn’t really make sense for me unless there are no closing costs.
Geez… money is going to be free soon to buy or refi a home but nobody will qualify.
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