any homeowners refinance lately?

Discussion in 'Community' started by zimv20, Jun 25, 2003.

  1. zimv20 macrumors 601

    zimv20

    Joined:
    Jul 18, 2002
    Location:
    toronto
    #1
    i've started looking today, w/ rates so low. looks like i can save a nice chunk of change each month.

    anyone else?
     
  2. MrMacMan macrumors 604

    MrMacMan

    Joined:
    Jul 4, 2001
    Location:
    1 Block away from NYC.
    #2
    My parents did, I do remember they did it earlier in the year, when ( I think) rates were even lower.
     
  3. hugemullens macrumors 6502a

    hugemullens

    Joined:
    Dec 15, 2002
    Location:
    Michigan
    #3
    My parents did. They are paying like 15 a month more but will have it paid off in 10 instead of 20 years. Plus they took out 3 grand extra and loaned it to me to get a 12 inch powerbook and some DV equipment. And now of course rates dropped :)
     
  4. zimv20 thread starter macrumors 601

    zimv20

    Joined:
    Jul 18, 2002
    Location:
    toronto
    #4
    doh!

    better late than never. i'm waiting to see what my rate and payment would be (i've got a mortgage broker, he shops around for me).
     
  5. 3rdpath macrumors 68000

    3rdpath

    Joined:
    Jan 7, 2002
    Location:
    2nd star on the right and straight till morning
    #5
    i close on my latest refi in 10 days. i refi'd twice last year and if rates go down any further, i'll probably do it again. i'd like to get below 5% but i refuse to pay any points or fees so who knows if i'll break the magic 5% barrier.

    geez, i remember when getting a loan below 8% was a big deal.

    :)


    btw, rates have never been lower.
     
  6. FriarTuck macrumors 6502

    FriarTuck

    Joined:
    May 26, 2003
    Location:
    Chicago area
    #6
    We closed on our refi on Monday. We started here in December 2000 at 8 1/8, then did our first refi at 6 3/4, and now did a no-cost (in fact, they paid us a small amount to do it) at 5 1/2.

    We cut our term and our monthly payment.

    We used mortgage.com if you're interested. It's ABN-Amro behind the curtain, FYI.
     
  7. Roger1 macrumors 65816

    Roger1

    Joined:
    Jun 3, 2002
    Location:
    Michigan
    #7
    My wife and I just refinanced. We knocked 5 years off our loan (we went with a 20 year mortgage, down from 30) and we lowered our payments. Our rate is something like 5.125 percent. If we could have afforded a 15 year loan, we could have gotten 4.875 percent. Alas, the payments would have been too much for our finances. Ah, well. We are happy with what we have.:)
     
  8. zimv20 thread starter macrumors 601

    zimv20

    Joined:
    Jul 18, 2002
    Location:
    toronto
    #8
    thanks for the link. i tried it out, and it gave me similar numbers to those of gmacmortgage.com (that's where my current mortgage is).

    if i did my numbers right, looks like i can save about $900/mo. i HOPE that's right, anyway. :)

    i'll be staying w/ a 30-yr fixed, as my goal is the lowest possible monthly payments w/ zero points.
     
  9. 3rdpath macrumors 68000

    3rdpath

    Joined:
    Jan 7, 2002
    Location:
    2nd star on the right and straight till morning
    #9
    nothing wrong with having a 30 year fixed mortgage and making additional priciple payments when you want to...that way you can treat it like a 15 or 20 year mortgage but not be locked into the higher monthly payments. you trade off a little in interest savings for the flexibility.
     

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