Might have been the last person in the US to do this

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Might have been the last person in the US to do this
5
Thu, 01-19-2012 - 4:42pm

I finally applied to refinance my mortgage from a 30y fixed to 15y fixed.

iVillage Member
Registered: 05-09-2002
We haven't refinanced to a 15 year! We refinanced one year after we bought the house in 2009 to an even better rate, but still 30 year. If we can get out of CC debt and can both max our 401ks for a few years, that might be a good thing to think about. I like it!
iVillage Member
Registered: 11-14-2008
Fri, 01-20-2012 - 10:38am
Oh good for you! Mortgages are killer on interest and I shudder when I think about ours. One day, but we are not there yet!
iVillage Member
Registered: 04-10-2003
Fri, 01-20-2012 - 11:15am
Awesome! Mine is up for renewal in a few months and I am locked in at the moment at 3.19. However the rates just dropped so I'm hoping for the 2.99 that was just announced! That will just over half of what I have now and it will save me money even when I lower the amortization!

Bex -

iVillage Member
Registered: 12-31-2010
No you are not the last person, we still have not refinanced. The costs of refinancing look high when we talk about plans and might not be here in 5 years. Also adding $200 to the payment when we don't know if we will get it back out doesn't make a lot of sense right now.
I also don't know if we will even qualify because the value of our house has dropped so much that even after 9 years and 20% down, we might be underwater.
So no, you are by far not the last person. Besides rates will go down a bit more before they go up again, we have unrest in Europe, the banks are holding tons of unsold property and the Fed locked in their rates until 2013. It will go up in the spring and back down next fall - imho.
-Marie
#Marie
iVillage Member
Registered: 10-01-2008

Congratulations!

Norma


"Patience is the best remedy for every trouble"- Plautus