<p>Refinancing my house… I cut 2 years off my mortgage and my payments have gone down about 70 dollars a month.</p>
<p>I have never seen rates so low. Hopefully they don’t go down next week after I locked in my new rate this week!!!</p>
<p>You go! Honestly, you are so fiscally responsible and mature.</p>
<p>I only have eight years left on my 30yo mortage. It’s not worth it for me to refinance, is it?</p>
<p>I wouldn’t think so… by the time you made up the difference in closing costs you’d probably come out the same?</p>
<p>We are in the process of doing an FHA Streamline refi on the house my husband and son own. Looks like the monthly payments will be reduced by $220, which is nothing to sneeze at! The best part is there is no appraisal or income verification.</p>
<p>It’s awesome, it will be nice to clear up a little bit of money each month, especially since I bought a new car the other month. But between my raise this year and the savings in the mortgage it will pretty much take care of my car payment, so it’s a win-win! I could have had the payment go down over 100 a month if I started a whole new 30 year mortgage again but that seemed counter productive so I went with a 25.</p>
<p>YDS…you may be surprised. Plug your numbers into the mortgage calculators (Will you save by refinancing?) on bankrate dot com. We’re doing a re-fi again (did in 2010), since H found and negotiated a practically no cost (~$800) and extremely low rate. The numbers worked for us; we’re going from a 15 year fixed to a 5 year arm (which we had planned to pay off in five years anyway). Will save us about $5K. Not huge, but since we had most of the documentation available from previous re-fi, amounted to about 2+ hours of work. A good hourly rate! :)</p>
<p>I will say the place I got my loan at had a 7 year ARM for like 2.875, so if you are paying a lot more then that it wouldn’t hurt to check into it.</p>
<p>YDS - We also have about 8 years left. Our first mortgage was til 2023, but we refinanced in 2000 with a 20 year. We are finalllly paying lots of principal and don’t see an advantage to refinance in our situation. </p>
<p>NPR had a piece on this week about homebuying. It’s the best time in many decades for buy vs rent decision. I was happy to hear that, as good news for the younger generation.</p>
<p>5 year ARM…2.625! 
There is “cheap” money out there… I know our mortgage broker is working 16 hour days, 7 days a week…</p>
<p>Yeah mine is 3.5 for 25 years fixed. between that and my 2.5 percent car loan and 2 percent student loans, i’m standing pretty good from an interest perspective.</p>
<p>Nice! Fender, you go girl! Good for you.</p>
<p>Amazing interest rates! My niece got it as well when they purchased their home. Will see if it helps us as we figure out what to do to help our kids have places to live going forward.</p>
<p>Our oldest just put an offer in on a house, has a 3.375% rate on his mortgage–WOW. </p>
<p>YDS–depending on your interest rate it could be very advantageous for you to refinance. It might knock a couple more years off your loan at the very least.</p>
<p>We are waiting to get the numbers back from the mortgage guy for our refi. After DS got that amazing rate, we can drop 2 points off our rate of 5.675. I ran some calculators and we can drop to a 15 year for just about the same as we are paying now for the 30 year. We will probably keep the 30 year and put the difference into principal only as that looks like it will pay off the mortgage faster.</p>
<p>I am thinking of refinancing and going back out a full 30. The rates are so low I think I could benefit in the long run.</p>
<p>I’m in the middle of a refi here too. :)</p>
<p>For those of you wondering if you should refinance–it’s free to have a good mortgage broker run the numbers. And short mortgages are MUCH cheaper than long ones. We refinanced from a 30 to a 20, reduced our interest rate by 1%, reduced our payment by $100/month, and reduced our payback time from 28 years to 20, thereby saving us about more than a $100K (assuming we stay here for 20 years, which I think is a reasonable assumption).</p>
<p>For the posters with 8 years left on their loans - Consider going to a 10 year fixed fully amortizing loan. Those are currently about 2.75%. That should yield you a huge monthly savings, and you’re free to plow that savings into your monthly payment to reduce your loan term.</p>
<p>What I don’t get is why the government is completely fabricating housing interest rates to a low, unrealistic number, yet they allow Student loans to skyrocket</p>
<p>We’re in a similar position to YDS. A broker ran the numbers a while back and told us it’s not worth it. There’s mostly just principal left now.</p>
<p>Encourage these kids to do 15 year terms! The 30 year loan should become a distant memory at these rates. How wonderful to pay off your house before your kids get to college age!</p>