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Have you refinanced your home?


Asked by madmueller at 5:18 PM on Feb. 8, 2013 in Home & Garden

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Answers (7)
  • We've always shortened the term when we refinanced. When rates drop, you can shorten both the term and lower your payment. It pays if you are dropping it enough that the closing costs will be made up in interest. Look at a mortgage calculator that will give you amortization tables so you can see how your payments will be split between P & I from the beginning.
    With our recast, it won't be dropping the rate, but we will be paying much less interest.

    Answer by JulieJacobKyle at 11:02 PM on Feb. 8, 2013

  • No. We thought about doing it. But found out if we did, our equity in our house would start all over again. So we decided not to.


    Answer by louise2 at 5:22 PM on Feb. 8, 2013

  • We have before. We refinanced our old house twice, both times when rates dropped, since rates were almost to 9% when we first bought the house. We did a bi-weekly 15 year the first time we refinanced (and dropped our PMI because we had remodeled enough to add more than 20% of the value of our house. The second time, we refinanced to a 5 year ARM because the rate was incredibly low and we knew we would be moving before the 4 years were over, so we wanted to knock out as much as possible.

    We have refinanced this house, back in February of 2011, because the rates had dropped and we were offered a loan without closing costs.
    Next month, we plan to recast our loan. I want to have it paid off in less than 3 years, so if we recast the loan this year and again next year, we'll be paying a lot more to the principal and also paying about $4500 less in interest over two years.

    Answer by JulieJacobKyle at 5:24 PM on Feb. 8, 2013

  • We did when the rates dropped.

    Answer by missanc at 6:26 PM on Feb. 8, 2013

  • Yep...twice.

    We refinanced shortly after the original closing to get a better interest rate keeping it at a 30 year loan.

    Then, 10 years later, this past summer we refinanced again with a 20 year loan.

    Answer by AllAboutKeeley at 9:36 PM on Feb. 8, 2013

  • No way, don't want to pay any longer than we have to. We did talk about it once but it wouldn't have changed much for us.

    Answer by idareyou at 10:23 PM on Feb. 8, 2013

  • I looked into it, but the bank won't write papers on a home in a community where the HOA has mismanaged funds and is therefore insolvent. It sucks, nobody around here can sell their condos, either.

    Answer by Ballad at 4:02 AM on Feb. 9, 2013