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Refinancing our mortgage

October 15th, 2010 at 12:58 am

I've been thinking about refinancing for ages, ever since the rates bottomed out, but just kept procrastinating even though I knew it would save us thousands. Not really sure why except that I see the whole process as a bit of a hassle and didn't want to deal with it.

I finally took the plunge today and applied for the refi.

We will be going from a 25-year loan with 17 years, 7 months remaining at 5.875% to a new 15-year loan at 3.99%. I haven't attempted to calculate the savings we will realize over the life of the loan but I know it is a significant number.

We have been paying extra on our mortgage and will continue to do so so I don't expect to have the new loan for 15 years. Most likely, we'll be rid of it in less than 10 years if things go well. Dropping the interest rate 2 points will make that even easier.

3 Responses to “Refinancing our mortgage”

  1. creditcardfree Says:
    1287106012

    That is the lowest rate I've seen yet! Maybe it was good you waited. Smile

  2. Ima saver Says:
    1287157060

    Smart move!

  3. Homebody Says:
    1287239274

    Yeah I should have procrastinated a little longer. I got a 30 year at 4.75%. Still good though. Congrats!

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