Refinanced our mortgage and

iVillage Member
Registered: 03-26-2003
Refinanced our mortgage and
4
Tue, 05-27-2003 - 9:05pm
our interest rate is now 5.375%!!! Wooohooo! It will save us $85 each month! Plus we get to skip one month before the payment on the new loan is due(we are doing a VA Sreamline refinance)! We have not decided how to use the $85 but we will probably use it to snowflake on a bill. PLUS we are going to put July's mortgage payment in the bank for emergency savings. Today has been a very good day. I just had to share that. Talk to you all later!
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Wed, 05-28-2003 - 10:43am
That skip in monthly payment is nice when you refinance. ;) Plus of course saving extra money each month is nice too.

Becky

iVillage Member
Registered: 04-19-2003
Wed, 05-28-2003 - 5:42pm
We just did the same thing, but we are going to save $200/month!! We put our June payment on the credit card and now the total due is below $2,000!!! After a high of $18,000 of credit card debt, I just can't imagine not having it anymore. We are so excited and more motivated than ever to put every extra penny towards that credit card.!
iVillage Member
Registered: 05-08-2003
Wed, 05-28-2003 - 6:13pm
I would love to be able to do that, we would save $200/month too, but when I go online to see if we'd qualify for a transfer to ING, they say we would not be approved, too high a debtload. So I'm assuming that if we went to our mortgage bank and asked to refinance with them that they'd probably say no too, and then they'd be alerted that we're neck high in debt and that worries me, we have 2 years left of our 5 year term and then it's up for renewal. (We do mortgages differently in Canada than in the US I think, you guys just do one huge term don't you? Ours are renewable every 5 or ten years or whatever we chose when we signed, e.g. 25 year amortization with 5 year terms.)
iVillage Member
Registered: 04-19-2003
Wed, 05-28-2003 - 10:16pm
We were turned down by 2 mortgage companies before we were approved by our bank because we have a second mortgage already, but it was worth it to keep trying until we found someone who would do it. This one was kind of like what you are doing, we have a 30 year amortization with 15 year terms. Your first mortgage lender probably already knows about your debt situation because most companies run periodic credit reports on anyone they lend to, so it might be worth checking into. Good luck!!