<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Refinancing our mortgage

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.

Posted in Personal Finance | 4 Comments »

4 Responses to “Refinancing our mortgage”

  1. creditcardfree Says:
    October 15th, 2010 at 01:26 am 1287106012
    1287106012

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

  2. Ima saver Says:
    October 15th, 2010 at 03:37 pm 1287157060
    1287157060

    Smart move!

  3. Jerry Says:
    October 15th, 2010 at 06:05 pm 1287165906
    1287165906

    That is a fantastic rate! We want to refi our house, but we are currently renting it out and that leads to special limits on what the banks will allow for that. (Although it's not REALLY an investment property, we are just living overseas for a few years for school and renting it out while we are away so we can have some insurance of paying the mortgage). Congrats on getting such a low rate and being able to pay the house off that much sooner...
    Jerry

  4. Homebody Says:
    October 16th, 2010 at 02:27 pm 1287239274
    1287239274

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

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]