We finished our basement this last summer and last Feb. we refinanced our home mortgage. Can I refi again or should I wait a little while? The value of my home should have gone up after adding another bedroom and full bath, thus giving us more equity. I don’t want to take any money out, just trying to make a payment lower. Anyone know a place with no closing costs that can service the Zumbrota, MN area (Rochester)
Thanks!
Why refi a year later? rates should be about the same. Where you at and what can you think you can get? A no cost rate will have a higher APR.
Rates are about 1/2 to 3/4 lower now and we can gain 20 grand in equity. Right now I have a second that runs about 80 bucks a month because we were just barely short of having the 80/20 required to get rid of that second mortgage. So My biggest reason is to get rid of that. The extra .5 or .75 doesn’t hurt either. Good to know about the no closing costs having higher APR. My feelings are if I could rid of that 2nd mortgage and save 80 bucks a month that would pay for the closing costs then, plus whatever savings I would have out of the lower rates now.
I just refinaced with a place called mortage unlimited out of the cities worked with a guy by the name of tom ward great guy to work with no app no closing costs locked it a 3.5 percent pm sent let me know if you got it.
Hard to believe you would gain that much equity with what you did. I doubled the size of my garage last year so it is now a 24 x 50. Cost me around $23K to do and my home value only went up $8K. Goog return on my money there, eh?
MCREW, got the PM, thanks.
Super, we added 1100 sq. ft of finished living space including a full bath and a bedroom. That should have increased my value, at least I hope so!
Mark – three years ago I finished out my basement adding 1200 sq feet with large bedroom, walk in closets, full bath, living area. cost 30K + and the appraisal value only went up 9k. BUT Taxes also went up 12% once it was re-appraised. 
carefull what you are asking for with the refinance attempt this soon after your last one.
Simple Math on this one bro. Take your closing costs from what you paid at refi a year ago,, less your savings in your monthly payment (assume you’re in the red there) and you will find out if the current refi has evened out yet. NOW, for the new one. Take your monthly payment decrease with your new rate and do the same thing. Refi’s only make sense if the math and TIME you plan to stay there make sense. Make sense? 
If you can lower your payment $80 and lets say it is a 15 year mortgage, that is $14,400 hard money, no interest figured. I don’t know any closing costs that would be close to that (if your a 20 or 30 year…OMG the savings) 
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Simple Math on this one bro. Take your closing costs from what you paid at refi a year ago,, less your savings in your monthly payment (assume you’re in the red there) and you will find out if the current refi has evened out yet. NOW, for the new one. Take your monthly payment decrease with your new rate and do the same thing. Refi’s only make sense if the math and TIME you plan to stay there make sense. Make sense?
This is the best way to confirm whether it is right for your situation or not. It depends on how long you plan on staying in this house on whether or not its worthwhile.
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If you can lower your payment $80 and lets say it is a 15 year mortgage, that is $14,400 hard money, no interest figured. I don’t know any closing costs that would be close to that
Correct if he plans on living in this house for the 15 years. Most do not stay that long in one house…
I’m with BigG. That 80 dollars a month is 28,800 over 30 years, closing costs, probably about 3000. I am just looking for a good broker. 
I am a math teacher, I understand the numbers. The up front cost and adding another year to my mortgage is not a big deal to me if I can have a savings like like over the time of the loan. We don’t plan to move for a very long time.
Yeah, I alway thought that the rate had to be 2% less than your current rate to make it worth doing
It’s not much, but I just refinanced for .5% less and after all costs, I saved 4K on a 11 yr loan. Worth two hours to me. 
Joe, 1% is ALWAYS worth it. If you can get to .75 it is definitely worth taking a look and talking with someone.
just did a refi with us bank about 2 months ago. absolutely no cosing costs,no fees, nothing added to loan amount at all. 10 years at 3.25% 
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