Comments on: Mortgage Refinance Complete http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/ personal finance tips, tricks, and commentary Sun, 22 Nov 2009 04:49:32 -0500 http://wordpress.org/?v=abc hourly 1 By: budgetsaresexy http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/comment-page-1/#comment-115426 budgetsaresexy Sun, 17 Feb 2008 18:03:59 +0000 http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/#comment-115426 Congrats! That's a helluva deal for sure. Nice to see positive mortgage stories out there for a change. Congrats! That’s a helluva deal for sure. Nice to see positive mortgage stories out there for a change.

]]> By: Nick http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/comment-page-1/#comment-115402 Nick Sat, 16 Feb 2008 02:01:31 +0000 http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/#comment-115402 Rates may fall, yet again. How much remain to bee seen, as the it was mentioned last night on C-Span. Great job. Rates may fall, yet again. How much remain to bee seen, as the it was mentioned last night on C-Span.

Great job.

]]> By: Kurt http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/comment-page-1/#comment-115390 Kurt Fri, 15 Feb 2008 17:20:51 +0000 http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/#comment-115390 About 1 point (I think it saved me ~35-50bps on the rate). The rate is a few bps below what is offered to the public because I work at the lender. About 1 point (I think it saved me ~35-50bps on the rate). The rate is a few bps below what is offered to the public because I work at the lender.

]]> By: Ralph http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/comment-page-1/#comment-115389 Ralph Fri, 15 Feb 2008 17:09:27 +0000 http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/#comment-115389 "I close on a 15 year 4.25% next week. Even though I was 3 months into my old mortgage. Water under the bridge." If you don't mind me asking, what lender are you using and are you paying points? ---- I am jealous of you nickel!! We have the same mortgage you had before and I was looking to refi to a 4.875% 15 yr, but I couldn't talk my wife into it in time. Now that she's "on board" with us refinancing, we've missed the low rate window. Grrr!!! :) “I close on a 15 year 4.25% next week. Even though I was 3 months into my old mortgage. Water under the bridge.”

If you don’t mind me asking, what lender are you using and are you paying points?

—-

I am jealous of you nickel!! We have the same mortgage you had before and I was looking to refi to a 4.875% 15 yr, but I couldn’t talk my wife into it in time. Now that she’s “on board” with us refinancing, we’ve missed the low rate window. Grrr!!! :)

]]> By: Ken Mott http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/comment-page-1/#comment-115388 Ken Mott Fri, 15 Feb 2008 17:06:38 +0000 http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/#comment-115388 Nice you saved yourself about $3k just this year alone in interest on that loan. Thats $250 a month. Nice work. Nice you saved yourself about $3k just this year alone in interest on that loan. Thats $250 a month. Nice work.

]]> By: kurt http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/comment-page-1/#comment-115386 kurt Fri, 15 Feb 2008 16:26:28 +0000 http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/#comment-115386 I close on a 15 year 4.25% next week. Even though I was 3 months into my old mortgage. Water under the bridge. I close on a 15 year 4.25% next week. Even though I was 3 months into my old mortgage. Water under the bridge.

]]> By: nickel http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/comment-page-1/#comment-115383 nickel Fri, 15 Feb 2008 16:07:28 +0000 http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/#comment-115383 I don't recall the exact numbers, but there were no lender's or broker's fees, and we didn't pay any points. The appraisal cost was also covered by the mortgage broker. We had about $400 in fees from the settlement attorney, and we also had to pay for the title search and title insurance. There were also a handful of state and county recording fees, which can differ widely based on where you live. Beyond that, we had to prepay taxes and insurance into escrow, but we'll be getting the money back out of our old escrow account so that doesn't really coung. I don’t recall the exact numbers, but there were no lender’s or broker’s fees, and we didn’t pay any points. The appraisal cost was also covered by the mortgage broker.

We had about $400 in fees from the settlement attorney, and we also had to pay for the title search and title insurance. There were also a handful of state and county recording fees, which can differ widely based on where you live.

Beyond that, we had to prepay taxes and insurance into escrow, but we’ll be getting the money back out of our old escrow account so that doesn’t really coung.

]]> By: anna http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/comment-page-1/#comment-115382 anna Fri, 15 Feb 2008 15:59:43 +0000 http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/#comment-115382 How much was the refinancing cost, if you won't mind telling us? How much was the refinancing cost, if you won’t mind telling us?

]]> By: nickel http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/comment-page-1/#comment-115380 nickel Fri, 15 Feb 2008 15:51:38 +0000 http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/#comment-115380 Great question, Nicole. The shorter terms means that out payments increased, but the lower rates kept that to a (relative) minimum. All in all, our payments went up by about $200/month. Great question, Nicole. The shorter terms means that out payments increased, but the lower rates kept that to a (relative) minimum. All in all, our payments went up by about $200/month.

]]> By: Nicole http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/comment-page-1/#comment-115378 Nicole Fri, 15 Feb 2008 15:48:06 +0000 http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/#comment-115378 I'm curious. How does this affect your monthly payments? I’m curious. How does this affect your monthly payments?

]]> By: Me http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/comment-page-1/#comment-115376 Me Fri, 15 Feb 2008 15:42:42 +0000 http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/#comment-115376 Yes, I would love to hear more details. If you are willing to share. We are considering refinancing ourselves. We are in a 30 year 5.375% and would like to go down to a 20 year if possible. Yes, I would love to hear more details. If you are willing to share. We are considering refinancing ourselves. We are in a 30 year 5.375% and would like to go down to a 20 year if possible.

]]> By: DD http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/comment-page-1/#comment-115375 DD Fri, 15 Feb 2008 15:22:02 +0000 http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/#comment-115375 If you don't mind sharing, what company did you use? If you don’t mind sharing, what company did you use?

]]> By: Laura http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/comment-page-1/#comment-115371 Laura Fri, 15 Feb 2008 13:20:57 +0000 http://www.fivecentnickel.com/2008/02/15/mortgage-refinance-complete/#comment-115371 Congrats! We close on a deal with the same terms today. :) Going from 5.875% 30 year to 4.875% 15 year. I just looked at our amortization schedule in my closing documents and the crossover point (more principal than interest in each payment) is less than a year away - gawd that feels good! We weren't going to hit that for a loooooong time in our 30 year mortgage. Enjoy your new mortgage! Laura Congrats! We close on a deal with the same terms today. :) Going from 5.875% 30 year to 4.875% 15 year.

I just looked at our amortization schedule in my closing documents and the crossover point (more principal than interest in each payment) is less than a year away – gawd that feels good! We weren’t going to hit that for a loooooong time in our 30 year mortgage.

Enjoy your new mortgage!

Laura

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