Announcement

Collapse
No announcement yet.

Home refinance??

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Home refinance??

    I was talking to a co worker and his house payment is the same as mine, he payed 60,000 more for his house. He did get a good rate in the 3 % area. Mine I believe is at 5.3%, I bought the house in 2009. Would it be worth it to refinance right now to a 15 year term? I have excellent credit. Any advise would be appreciated.

    #2
    I don't think interest rates are in that 3% neighborhood any more.

    Comment


      #3
      Pm sent


      Sent from my iPhone using Tapatalk

      Comment


        #4
        Interest rates have been going up. We refi'ed in January at 3.125, I doubt it will be that low again for a while. Our payment stayed the same with the refi.

        If you are at a 30 year right now, refi to a 15 is always better, you will save a ton in interest over the life of the loan.

        Comment


          #5
          A quick google search is saying around 4.6% currently on a 15 year fixed rate.

          Comment


            #6
            Originally posted by Charles View Post
            A quick google search is saying around 4.6% currently on a 15 year fixed rate.
            15 yr is at 3.8 or 3.9 currently. 30 year is closer to 4.6.

            Comment


              #7
              **** int rates must of risen quick.

              Comment


                #8
                Originally posted by EastTexasMan View Post
                **** int rates must of risen quick.
                They have. They've been going up for us since the middle/end of December.

                Sent from my XT1585 using Tapatalk

                Comment


                  #9
                  The answer is that it depends on if you're going to stay in your house.

                  If you are, and your rate is 5.3%, there's almost no scenario right now where it doesn't make sense.

                  If you're going to sell your house, you need to apply the closing costs over the time you think you'll be in it and figure out the defacto rate you're realizing. By shopping a mortgage around or using a boutique, you can also get closing costs pretty dang low. Close to zero.

                  Hope that helps.

                  Comment


                    #10
                    Just did a refinance at a 20 year for 4.25% the bad side is I lost 2 years since I've paid in 12 years so far. But if I remember right I still save almost 30k in interest over life of the loan now and mortgage dropped 118 a month. I paid 8 dollars at closing.

                    Comment


                      #11
                      Sorry meant to add this as well. Within the next 5 years I will have recoup closing cost and paid additional 13k to principal. Praying real estate holds up.. by the time I sell I should be able to pocket 120k to 140k

                      Comment


                        #12
                        I plan on staying in the house and looking to do a 15 year instead of my current 30

                        Comment

                        Working...
                        X