TigerinATL New Orleans Pelicans Fan Member since Feb 2005 36612 posts
re: When was the last time you refinanced your mortgage?(Posted by TigerinATL on 3/19/13 at 3:29 pm to HeadCoach)
You should look into it, you will most likely save money and the only question is how long you plan to stay in your house vs. how long it takes to cover the refinancing costs. I went from just over 6% to 3.75% with a quicker payoff and the break even point was about 1.5-2 years.
Even if you move before your break even point you still might come out ahead, because reducing the interest rate and years changed how much of my mortgage payment went to principle each month, so I'm building up equity much quicker than if I'd have kept the original loan.
HeadCoach LSU Fan Shady's Parking Lot Member since Mar 2009 4870 posts
re: When was the last time you refinanced your mortgage?(Posted by HeadCoach on 3/19/13 at 5:30 pm to TigerinATL)
How bad would my credit have to be NOT to get a really good rate? We got no CC debt, some other little stuff but nothing big. Last time we tried we got a shite rate and I don't understand it. Who did you guys use cause aparently my guy sucks!
wiltznucs South Florida Fan Apollo Beach, FL Member since Sep 2005 7981 posts Online
re: When was the last time you refinanced your mortgage?(Posted by wiltznucs on 3/20/13 at 8:22 am to HeadCoach)
I did a refi two months ago on my FHA loan and got 3.5APR/3.625APY. Not the best deal out there but with the FHA loans and underwater mortgages here in FL I was pretty pleased considering I was at 6+ beforehand.