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2 Bumps

Have you recently refinanced your mortgage?

We are about to, because you will not believe how much money it is going to save us over the long-term. I hope there are lots of people who already did this and many more than plan on looking into it!! Our rate will drop from 7% to about 3%!!!!

Asked by at 12:02 PM on Oct. 22, 2010 in Money & Work

Level 18 (4,947 Credits)
This question is closed.
Answers (6)
  • We are looking into it. Right now it's at 6.5% (or 6.25%--I have to look again) and they can lower it to 4.25%. That would help us out immensely, especially since the house appraises for around $25,000 less than when we bought it 2 years ago (it appraised at $81,000 and now it appraises for $56,000. I feel like we got ripped.

    But 7% to 3%? Man that's nice!

    Answer by thatgirl70 at 5:48 PM on Oct. 22, 2010

  • We just bought our home last year so we can't for awhile. Either way CONGRADS!!!!!!!!!!!!!!!!! that is a huge difference and you will feel soo much better when you do. And hun in this economy there are tons of other people out there doing the same thing. If you can, and are, then go for it!! That just means less stress and more money back in your wallet :)

    Good Luck!!

    Answer by wolfmomma30 at 12:10 PM on Oct. 22, 2010

  • We are currently going through the refinancin process because of the lower interest rates. However, we've hit a stumbling block with the value of our house from the appraisal. It appears the appraisal guidelines from Fannie Mae are stricter than they were previously and our house isn't appraising for as much as it did before.

    We consider our home to be a five bedroom, as did the appraisal when we purchased it. However, the new appraisal says it is only 3 bedrooms because one is "below grade" and the other is considered "finished attic". Both allegations are totally ridiculous but both the appraiser and mortgage company say there is nothing they can do about it.

    Answer by Dyndudes at 12:47 PM on Oct. 22, 2010

  • We're renting right now! But holy cow- a 7 to a 3 will be awesome! Even more so if you go from a 30 year mortgage to a 15!!

    Answer by Erica_Smerica at 5:45 PM on Oct. 22, 2010

  • ETA- make sure it's fixed rate though. A lot of banks are pushing the ARMs (adjustable rate mortgage) so that when interest rates go back up, people with ARM loans will have to pay more.

    Answer by Erica_Smerica at 5:47 PM on Oct. 22, 2010

  • We are in the process right now and it will save us a ton also we will be down ffrom 6.25 to 3.25

    Answer by Moms_Angels1960 at 10:54 PM on Oct. 22, 2010