Approved 4% refi for 15 yrs

iVillage Member
Registered: 10-01-2008
Approved 4% refi for 15 yrs
11
Tue, 07-16-2013 - 2:30pm

Cutting almost 10 yrs. off our mortgage and only increasing the payment by $80. 

Pinch me.....I'm dreaming!

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Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
Tue, 07-16-2013 - 3:59pm

*pinch!*

You are not dreaming! Congratulations! I'm very happy for your refinancing.

iVillage Member
Registered: 12-31-2010
Tue, 07-16-2013 - 4:38pm

Wow, you were approved, Norma?  How absolultely AWESOME!  

We took 9 years off ours, paying about $30 a month more.  Total saved is like $70,000+ which is just nuts!  Heck, we only have 14 years to go now, at 2.9%.

Can you imagine how good you will be in about 30 weeks?  Living the dream!! 

m

#Marie
iVillage Member
Registered: 07-24-2001
Tue, 07-16-2013 - 11:23pm
That is SOOOOO fabulous!!!!
iVillage Member
Registered: 04-16-2008
Wed, 07-17-2013 - 12:13am

This is fantastic news!  Way to go, Norma!

iVillage Member
Registered: 10-28-2009
Wed, 07-17-2013 - 8:05am

CONGRATS!!! Soooo Happy for you!

iVillage Member
Registered: 11-14-2008
Wed, 07-17-2013 - 9:26am

That is so amazing!!! I am so happy for you guys!!!

iVillage Member
Registered: 10-01-2008
Wed, 07-17-2013 - 4:16pm

Bummer....just found out the court will not let us do the 15 yrs. but we can still do the 20 yr. and cut the rate by 1.70% and almost 5 yrs.  I can still throw all the extra I want to at the principal with no problem.  We will be totally paid out in 7 months anyway.  

I'm OK with it.

Community Leader
Registered: 08-25-2006
Thu, 07-18-2013 - 2:14pm

It is probably just as well.  You will get more bang for your buck sending the extra in to the principal. 

I am also doing HARP II and if we send in the "savings" towards principal every month the new 30 year loan will be cut down to 15.  Nothing is approved yet, still early in the process, but crossing my fingers.  I did the math and doing a 30 year loan and sending in an extra $125 a month (the amount we are saving every month), towards principal only, costs substantialy less in the long run than a 15 year loan for the same amount. 

 

Serenity
iVillage Member
Registered: 10-01-2008
Thu, 07-18-2013 - 2:50pm

Serenity,  

I hope your approval is soon!  I got a call back today and they were able to lock us in at 4.875% which is exactly 2% lower than our current rate.  I'm pleased.  

Hope you have success!!!

Community Leader
Registered: 08-25-2006
Thu, 07-18-2013 - 4:57pm

I think mine will be 5.25.  A little less than 1.5 percent difference.  We compared 4.75 to 5.25 and although I don't understand why, the closing costs of the lower interest rate were so much higher the break even point wouldn't be for like 7 or 8 years, or something like that, versus 3 years. 

I talked to my mortgage broker friend and he told me to stick with them.  Bless his heart, he is such an honest guy.  Just working with my current mortgage company can potentially eliminate common hiccups he may run across if he did it for me.   I am probably at about 115% loan to value.   I have probably lost at least 40,000 since the market changed. 

Anywho, what is interesting is that I found out about this when I called to change my last name?   Regardless, very grateful that I have this opportunity. 

Serenity

Serenity

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