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Mortgage refinancing

Discussion in 'Money & Finance Forum' started by gridfaniker, Apr 2, 2003.

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  1. Apr 2, 2003 at 11:48 AM #1
    gridfaniker

    gridfaniker Loathsome

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    Anyone out there do it? My wife and I just did ours and our rate went from 8.5 to 5.5. We were able to borrow an additional $8K for some remodeling, had our term cut by about two years and we're paying about the same per month.

    Economic crises rule!
     
  2. Apr 2, 2003 at 11:49 AM #2
    builder

    builder membered member

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    I hope that interest rates remain this low for another year. I should be able to drop about 2 points myself and lower my payment by $200 or more.
     
  3. Apr 2, 2003 at 11:53 AM #3
    gridfaniker

    gridfaniker Loathsome

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    can't you do it now? My bank let us add the refinancing charges into our new mortgage. All we had to pay was a $300 application fee. You wait too long they may go back up.
     
  4. Apr 2, 2003 at 11:53 AM #4
    DaveW

    DaveW Super Moderator

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    geat..maybe you will buy a real tv and cooler for that basement.
     
  5. Apr 2, 2003 at 11:54 AM #5
    builder

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    I haven't even written my first mortgage payment check yet. I have to make 13 of them first.
     
  6. Apr 2, 2003 at 11:57 AM #6
    gridfaniker

    gridfaniker Loathsome

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    Re: Re: Mortgage refinancing

    By a real TV do you mean a projection? No thanks. I like to be able to see the picture without having to look at it straight on. I think the 36-inch Wega is sufficient.

    Speaking of which, it turns out that deal I can get on the Sony at cost only applies if I pick it up, at a warehouse just outside of Boston. Otherwise, I pay $250 in shipping. So it looks like I'll be roadtripping to Mass. some day soon. I can get the set I want ($1,299 at Best Buy) for $800, plus 5 percent tax.
     
  7. Apr 2, 2003 at 11:59 AM #7
    gridfaniker

    gridfaniker Loathsome

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    You have to make 13 payments before you can refinance? Why? I'd go to another bank and let them pay it off and borrow at a lower rate. What is there, some kind of early termination fee?
     
  8. Apr 2, 2003 at 12:01 PM #8
    builder

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    That's what my realtor told me. It's a part of my credit building crap. Let's just say, in any other time, I'da never been able to purchase this place because of those three bureaus.
     
  9. Apr 2, 2003 at 12:22 PM #9
    Farmer

    Farmer you eyein' me boy?

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    I'm actually going to refinance fairly soon myself - I have already done it once - and lowered my rate some - It could actually come down a bit more now... I have exceptional credit so I didn't realize how easy it was - but my last mortgage broker royally screwed me in closing costs (long story) but - -

    I plan on adding an addition to my home - actually it will basically increase the square footage by 100 percent. I'll borrow the money to do the addition (a lot of which I will be doing myself) and then refinance my mortgage after a new (and no doubt higher) appraisal to pay the borrowed money back. But I gotta hurry... times a wastin....
     
  10. Apr 2, 2003 at 12:24 PM #10
    hasbeen99

    hasbeen99 Fighting the stereotype

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    We just re-fi'd and went from 7.5% to 6.0%. We knocked about $200.00 off our monthly mortgage payment and got a $26,000 line of credit to draw from. We got adoption fees and some pretty big home improvement projects to do.
     
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