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.
Refinancing our mortgage
October 15th, 2010 at 12:58 am
October 15th, 2010 at 01:26 am 1287106012
October 15th, 2010 at 03:37 pm 1287157060
October 16th, 2010 at 02:27 pm 1287239274