Refinance @ 4.375

[BigBassaholic]

I go down tomorrow and sign my documents to refinance my mortgage @ 4.375. If anyone wants the name of my Lender let me know she is in SLC. Cant beat that deal anywhere.......
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[RILEYFISH]

That is a great rate. However what were all your fees?
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[BigBassaholic]

I go today to sign, all I know is I am saving $150.00 a month on my mortgage. It was 5.75. well worth the fee's.
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[Kent]

Don't want to burst your bubble, but one should look at what one will pay over the entire life of the loan, rather than the advertised interest rate and the monthly payment. One can get a low monthly payment merely by agreeing to pay over a longer term (for example there are 40 and 50 year mortgages out there!). It is far more important to get out of debt as quickly as possible which saves thousands of dollars in interest. Also, be aware that institutions calculate interest in many different ways which can make it appear that one is getting a better deal with a lower rate, when paying a higher rate may actually be a better deal. The consumer has been trained to ask first, "What is the interest rate?" and then "What is my monthly payment?", rather than asking a better question, "How much will I pay in total to retire this mortgage?".
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[BearLakeFishGuy]

I just refinanaced two weeks ago and went from a 20 years left to go on a 30 year mortgage a flat 10 year mortgage. The fees/closing costs were about $2,600 total, but I'll make that back in lower interest in about 6 months. Not a bad deal at all. My monthly payment is no more than I was paying before. I went down 2.1875 points. Kinda nice to take advantage of low interest rates caused by the dunekopfs who got in over their heads and went with adjustable mortages and now face the wrath.
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[BigBassaholic]

Just got back from signing all the paperwork... I had a 30yr fixed @5.75 I only had 4 yrs paid on it. Now I have a new 30 yr fixed @ 4.375, my payments are 150.00 less but we are going to continue to pay the extra 150.00 and the home will be paid of in 18yrs. I wont be keeping this house over another 5 years, the wife wants to move out of town and get some land for a small hobby farm, she loves all types of animals so that what she wants when we retire. I got a great deal I think....
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[Flycasting]

I refinanced a few months ago, and got in at 4.75%. I rolled up some other debt into the loan (CC debt) and my payment still dropped more than $100.

I'm very happy with it, and I paid a similar amount in fees.
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[cadresults]

[#8000ff]Kent,[/#8000ff]
[#8000ff][/#8000ff]
[#8000ff]Some great words of widom, which we should all follow. There are many ammoritization schedules out there (just google "ammoritization") that will show you how much interest will be paid over the life of the loan.[/#8000ff]
[#8000ff][/#8000ff]
[#8000ff]Last month I went from 6.5 on a 30 year loan to 15 years at 4.75.[/#8000ff]
[#8000ff][/#8000ff]
[#8000ff]Home equity loans, variable interest rates, are nothing but TROUBLE.[/#8000ff]
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[Kent]

It is worse than you state, because all loans are not amortized using the same rules. For example, one major credit union has a bi-weekly mortgage that allows one to make payments every two weeks; however, they only apply the payments to the loan after every two payments are made!
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[BEARCLAW]

That's a great rate but you can be guaranteed you paid points for it. It reminds me of all these commercials advertising low rates and when you finally see the good faith you find out how much it really costs. Mortgage co's and broker shops have become so proficient at the "smoke and mirrors" game that it should make everyone nervous about a deal that sounds too good to be true.
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[cadresults]

"It is worse than you state, because all loans are not amortized using the same rules"

[#8000ff]Your point is well taken and I agree totally. For this reason, I use a loan officer I trust and does what she says. Although her rates are never the "lowest", they are competitive.[/#8000ff]
[#8000ff][/#8000ff]
[#8000ff]When I went to a 15 year loan, I did pay considerable for closing costs. However, that will easily be paid within the first year of the loan.[/#8000ff]
[#8000ff][/#8000ff]
[#8000ff]The worst thing one can do is to continually refinance and go back to the 30 year loan. I understand at times, one must do but it is a dangerous habit.[/#8000ff]
[#8000ff][/#8000ff]
[#8000ff]Several years ago, I talked a family member into refinancing to a 15 year loan. They now have it down to 8 years. The rate is around 5.5% fixed. [/#8000ff]
[#8000ff]They were considering going back to a 30 at a "lower" interest rate.[/#8000ff]
[#8000ff][/#8000ff]
[#8000ff]Fortunately, they didn't and are going to stay the course. Reduction of debt is a guaranteed return on investment.[/#8000ff]
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[wiperhunter2]

Back in the 80's when I bought my house, I was paying 12% interest. The first chance I got to get a lower interest rate I took it, instead of going for a lower payment I went with less years and I did that four times until my final refinance was for 5 year. It still took me 20 years to pay off my house but I'm sure I saved thousands even with the cost of refinancing. I guess everyone has to do what is best for them but this method worked for me. Sure was nice to get that mortgage payment out of the way[].
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[BEARCLAW]

You replied to me but quoted kent[]...
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[cadresults]

[#8000ff]Just meant to "quote" Kent....[/#8000ff]
[#8000ff][/#8000ff]
[#8000ff]Regardless, nobody ever accused me of being too bright![/#8000ff]
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[BEARCLAW]

[cool] Haha. Been there myself[]...
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