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Discussion Starter · #1 ·
DH and I have decided to refinance our home. We have talked to our old loan officer and have already locked in at a new rate of 5.5%. I am very excited as this is almost a 2% drop in our current interest rate plus we will be SAVING $150 per month. Almost too good to be true!!! ;) Just wanted to bring this up in case anyone was thinking of refinancing their own home. Our loan officer is great and he even took the time to do an estimated calculation of the savings vs. cost to determine whether it would be beneficial for us to refinance before we made our decision.
 

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Heather Bob
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Wow, great savings and it sure sounds like you had a wonderful loans officer to help you through it!! It is so much better to see things in black and white!!:smball:
 

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Founder
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How awesome for you. Congratulations. What a great savings. :)
 

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Moderator aka AmyBob
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Great job! We refinanced a few months ago and were thrilled with the outcome.
 

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Isn't that just a great weight off your shouldars? We refinanced back in Feb- got an equity loan to pay off all our bills and we're saving $1,000 a month. It was the best financial decision we ever made. Congrats to you!!

Laura
 

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If you can afford to do it, try applying that extra $150 to your current mortgage payment (principle). It will help pay down the principle balance faster, saving you a ton in interest. I just started looking into refinancing last Friday - hope it turns out as well for me!
 

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Discussion Starter · #7 ·
you read our minds, isaccsmommy, as that is our intention to keep paying that extra $150. Before we were paying an extra $100 per month, so we will probably just keep paying the same amount as before, which would be an extra $250 per month. That's an extra $3000 per year!!! ;)
 

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Great idea on the payment plan. If you have other debts that have reg. payments on them, you might want to throw that money on those payments first (providing the principal or balance is less than the mortgage) then as you pay these off you could snowball the payments into one huge payment and really shave off years of payments on that mortgage or pay it off in only a few. We did that and it worked so great for us. Good for you on the refinance:D
 
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