Refinancing your mortage?

**crdurham** · 09-11-2003, 07:57 PM

We closed today on our refinancing and are going to save $100 a month on our house payment plus we went from a variable rate to a fixed rate of 5 %. That will really help us out alot. We are also getting back about a $1,000 to pay on our other bills.

How many people have refinanced there mortage with the low rates or have bought a new home recently??

**couponchic** · 09-11-2003, 08:12 PM

We just refinanced in May and are saving about $150 or more per month. To pay it down quicker, we just keep making the same payment as before though, so the extra $150 is going to the principal.
I had been encouraging everyone I know to talk to a loan officer regarding refinancing while the rates are this low. The rates are back on the rise now - not drastically, but still a difference. We have a wonderful loan officer who was able to tell us how much we would save, how long before we would recoup our closing costs, whether it would be worth our while to refinance, etc. before we even made the decision to refinance.

**milach** · 09-18-2003, 08:24 PM

We did back in Feb. Due to the drastic increase of house prices over the last 2 years- they appraised us at $60,000 more than what we owed- so we were not only able to get an equity loan out of the deal- but we were also able to drop the PMI. So in theory, we're saving $400.00 a month- but with the refi- they're not escrowing for taxes or homeowners insurance- so I have to put aside what we're saving in house payments to cover those.

But what amazes me was how before we refinanced, only $100.00 each month was going to the principal balance- all the rest was going to intrest and insurance. Now I see the principal flying down. It's a good feeling to actually see progress.

**PrairieRose** · 09-25-2003, 09:05 AM

Sounds like you made a very good move, girls all of you! We've paid our home off using the snowball method but if rates had been this low a few years ago we would have definitely done this.

**rebeccalizzie** · 09-25-2003, 09:58 AM

Sigh...we took advantage of the super low rates in August, but we refinanced from a 30 year to a 15 year, so our payments went up $240. And now I'm wishing I could quit my obnoxious job, and if we hadn't done that I might have been able to!!!

Oh well, at least we'll have the darn house paid off before we retire.

Lisa, what is the snowball method?

Rebecca