#2397333 - 05/19/11 05:08 PM
Re: Anybody refinanced lately?
[Re: Baxter83]
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gator-n-buck
16 Point
Registered: 10/22/08
Posts: 14908
Loc: Knox, TN / Palatka, FL
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Back in Sept. I was able to drop mine to 3.625% for 15 yrs fixed through ORNL credit Union. I knocked off 6 yrs and went from a 5.5% rate (had 21 left on my 30 yr.). I think they have went up since then. It's going to save me approx. $30,000.00 + in interest even after closing cost. I guess I can do something else with that money besides give it to the bank. 
Edited by gator-n-buck (05/19/11 05:13 PM)
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#2397527 - 05/19/11 08:52 PM
Re: Anybody refinanced lately?
[Re: gator-n-buck]
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Baxter83
Good ol' Boys
12 Point
Registered: 09/03/08
Posts: 7243
Loc: Winchester, TN
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I hear ya! I may kick myself in the rear for not doing a 15 year, but with my wife only working a few hours a week I didn't want my payments to go up. I could have got the 15 year fixed today @ like 3.5%. I figured at 4.625% if I continue paying the payment I'm making now I'll be way ahead in just a few years anyway. IDK. I may be worrying too much about it too... 
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#2397537 - 05/19/11 09:05 PM
Re: Anybody refinanced lately?
[Re: Baxter83]
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Carlos Viagra
16 Point
Registered: 11/20/04
Posts: 12934
Loc: Cumberland Plateau
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I switched mine from a 30yr to a 15yr and the payment went from $500 to $650. That's not really a big difference if you think about it.
_________________________
Do not be slothful- for yesterday and tomorrow are thieves of today.
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#2397681 - 05/19/11 11:24 PM
Re: Anybody refinanced lately?
[Re: Baxter83]
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BigSatt
10 Point
Registered: 05/15/09
Posts: 3499
Loc: Northern Middle Tn.
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Locked in @ 4.625%. As it's figured on this worksheet I will only be out of pocket a little less than 2k and my payments are going to run about $100/month less than I'm paying now. Most of that out of pocket is going to set up the new escrow so I'll probably get back a lot of that after closing out my current escrow. This will also be saving me thousands in interest over the entire term (I hope I don't have to go the whole term though).
I hate escrow. Too many humans (who are prone to make mistakes) messing with MY money. I had rather pay my taxes and insurance ONCE per year and be done with it. JMO......
_________________________
Nothing Great is ever achieved without enthusiasm.
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#2397746 - 05/20/11 06:23 AM
Re: Anybody refinanced lately?
[Re: BigSatt]
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fishboy1
14 Point
Registered: 01/13/03
Posts: 9703
Loc: Warren Co
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One thing banks are doing is.....
Charging you $500 for an appraisal fee then denying your loan.
Make sure you check your credit annualcreditreport.com (the REAL free site) first.
THEN call a realtor and comp your property. A LOT of banks wont finance more than 80% of the appraised value of the property so be sure to ask what their policy is.
If all the numbers appear to be lining up, Grill the mortgage broker like a cheap weiner at a boyscout campfire and get EVERYTHING in writing. Get a good faith estimate and then call several other funding sources and do the same.
A buddy of mine was doing a refi and the mortgage broker was going to stick him for about $82,000 in extra interest and fees over the life of the loan so he(the broker) could get an extra $1300 in kickbacks (called par plus or Yield spread premimum) from the bank. He stalled on the original refi and shopped the loan around. The original guy changed their tune in a hurry and wound up having to cut their fee in half to be the lowest bidder and get the refi.
Remember....YOU are the customer, not some beggar on the street with a cardboard sign. Make them WORK to get your business. DO your homework and shop the heck out of the loan. It could save you as much as a YEARS pay !!!!
_________________________
A gun in the hand is worth 2 cops on the phone. No one can name a single power the government has granted itself that hasn't been abused. Socialism is for losers http://amillerphotoevent.com
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#2397751 - 05/20/11 06:29 AM
Re: Anybody refinanced lately?
[Re: fishboy1]
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buckaroo
6 Point
Registered: 06/18/09
Posts: 878
Loc: easttennessee
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I'm refinancing my house now, went to a 3.41% saving me 12,500 over the length of loan, all I really have to do is sign my name!
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#2397755 - 05/20/11 06:33 AM
Re: Anybody refinanced lately?
[Re: fishboy1]
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Bottom Hunter
16 Point
Registered: 12/29/06
Posts: 15480
Loc: Hatchie Bottoms
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I can see the end of our mortgage, and I will be very happy when it comes to an end...
I think we have had a 5.25 % for many years now and we are paying extra on the premium every month ($500 more each month going straight to the premium, almost doubling our payment).
You will know the day we pay it off.....there will be a party UP IN HERE!!!!
_________________________
There are some people who always seem angry and continuously look for conflict.
Walk away; the battle they are fighting is not with you, but with themselves.
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