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I currently have 4% and my bank said they can redo it for 3.5%. We dont have PMI. We plan to stay for at least 7 more years. Thoughts? We would save 150 a month if we do it.
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Is that a 30-year and are they resetting your amortization schedule to 30 years or are they just dropping the rate continuing with the existing schedule?
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How long have you owned the home? I'd shop around for lenders or consider a shorter term. Plenty of places offering rates at 3% or less. General rule of thumb is to start looking at a refi if you can get 1% or more rate decrease.Comment
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If you know you're planning to stay for another 7 years at that home, I'd seriously consider it, depending on rebates and closing costs, and how long it till take to make up that difference.
Yesterday I actually just refinanced 30yr 3.75 to a 20yr 3.25% saving another $90 each month. Normally I would only do unless it drops one whole point, but I got appraisal waved, and after all fees, the difference out of pocket was $700. It wasn't a huge difference, but I know I'd be shaving off under 2 years of payments. I also had the option of 15yr for 2.75, which I was tempted to do, but preferred the lower payment.
"I'd buy that for a dollar!"Comment
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We considered refi'ing but after getting several quotes, it wouldn't save us much. We got started late in life buying a home (we've actually had 5 in the last 22 years) so paying off a mortgage is non-existent for us. My hubby is 79 and I'm 73. We've lived in this house for 3 years and have $80K in equity so far.
We financed it at 4.25% and the best refi rate I've been quoted is 3.75%. Our FICO scores are at the top at 840. Is our age keeping us from getting a better rate????Comment
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