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Hey guys, I originally got 12 % on my van staal reel and my custom one piece heaver. I am thinking about refinancing though. I have had rate offers as low as 7%. j/k

Anyone know anything about refi? I currently have 7% on my mortgage but no PMI and no points. I hear I should be able to refi for under 5 nowadays. I am assuming this would make it worthwhile for me to refinance. Anyone got any worthwhile advice??
 

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Hey Husky

Two of my friends just refinanced and it is definitely worth it. One got 4.7 and the other 5.3(only because he had less that 75K left on his mortgage and the bank would not make money if they gave him a lower rate). Either way you end up saving compared to your 7%. JMO
 

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3/1 and 5/1 ARM's and 15's with points may get you sub 5%. Word on the street is that the rates will go up soon (but nothing too dramatic - maybe .25 to .50 points). If you're looking for 30, you should be able to find something in the mid-high 5's with points and around 6 with no points.
You should ask yourself the question first: How long to I plan on staying in my house?
This determines what type of loan to get.
Also, if you currently have a 30 fixed, you can get in a 15 fixed and only increase your payment by a 'minimal' amount. (Minimal is a relative term based on your current mortgage payment.)

I just refinanced a few months back with Bank of America (also my employer) and they do cut 80% of the paperwork. An app was taken over the phone, a fax of my payoff amount and 20 John Hancocks later at closing was all it took.

Good luck.
 

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Discussion Starter #4
Well, if I'm at 7 % no points right now 30 fixed, going to 6% fixed no points probably isn't worth it since I plan on moving in 3 years or so.
Thanks for your input though.
 
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