Had to Chime in. Refinance.

iVillage Member
Registered: 11-14-2008
Had to Chime in. Refinance.
3
Thu, 10-17-2013 - 8:02am

I got my papers in the mail. I refinanced for a lower rate too(land mortgage). It will save us $1700 a year. Its crazy what that little one percent difference does. 

I locked in for 5 years. I think the rates will go up in that time. I will be scared for the next refinance in 5 years when it will probably go up. I can't worry about that though. A lot can change in 5 years. Its this next 5 years when we do a house when this will be so helpful. That mortgage will be a good rate I hope. Less expenses all around will be great.

Lila will probably be in grade one with little to no day care fees by then so things will be different for our family. Hopefully my job will change a lot for the better, being full time for more money as I put in the hours.

Other things could happen too of course but those are just a few things I had thought of.

Anyway, no complaints over here! And I am happy for others that have completed their refinance or those that are still trying. It is so worth it.

iVillage Member
Registered: 10-01-2008
Thu, 10-17-2013 - 10:00am

Every little bit helps.  The 2% I saved only lowered my payment by $50, but it cut 5 years off the mortgage length.  

1% is GREAT!

Community Leader
Registered: 07-26-1999
Thu, 10-17-2013 - 11:15am
Congrats on the refinance! We did ours in the spring and saved 2% and about $175 a month. You will be surprised at how much will change again in 5 years!!
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iVillage Member
Registered: 07-24-1997
Fri, 10-18-2013 - 11:39am

Congratulations!  A refinance sure was worth it to us.  I would like to pay off our mortgage early but even if I can't, we will be done with our mortgage 14 years from now instead of 22 years, and save over $80,000.  It was definitely worth all the paperwork and phone calls and "auuuuggggghhhh!!!!"