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Just refinanced my mortgage


Armchair Bronco

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My wife & I just refinanced our mortgage. Actually, my wife just took care of everything -- I just had to sign some forms. :thu:

 

We've been in our house for 12 years and had already refinanced 3 times. Each time we started over with a new 30-year, fixed rate loan.

 

Our previous rate was 5.875% with 24 years remaining on the loan. The new rate from today is for 5.1% but this time we took out a 24 year loan. We had closing costs of only $375!

 

So, we'll be saving about $70 per month and will recoup our closing costs in about 5 months. We'll save more than $20K over the life of the loan.

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I checked on mine friday. If I drop to a ten year note, I can get 5.7%, 12 years is 6.0. I am at 6.47 right now, I am going to roll the dice a bit and hope for a 5.7 on the 12 year plan. The payments for 10 years are a touch high.

BTW, I can't get traditional mortgages as over 80% of the value is in land and not structures.

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This is great stuff! The first time I refi'd, I paid off a new car loan, and shortened 22 years left on a 30-year note to a 15-year note, with only a few dollars a month difference!

 

I'm waiting for the condo to sell, then I'm refinancing to a 5-year note. Woohoo!

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