Questions for those who've refinanced in past couple of years

[justlearning]

When did you refinance?

What was the length of your new loan?

What was the interest rate?

What were your closing costs? Did you pay them upfront or roll them into your new loan?

Today I called the bank that we already have our mortgage with and was quoted the following rates with no closing costs at all (and no need for an appraisal) based on our meeting their special criteria for this type of refinancing:

30-year fixed -- 4.50
20-year fixed -- 4.25
15-year fixed -- 3.625

I think it's pretty good but am wondering what others have gotten. Thanks!

[marymoo86]

i would take it now - good rates and given the down grade i have no idea how that will affect rates.

i refied in Oct 10 with 4.325 30 fixed, 1% origination and prepaids (taxes, insurance, etc)

[happymomma]

When did you refinance? We just refinanced last month. We've refinanced about 4 times since buying our house. We have owned this house for about 3 years..

What was the length of your new loan? The first time we refinanced, we kept the 30 year. Then later we did a 15 year. Right now we are doing a 7 year ARM .

What was the interest rate? Current interest rate is 2.875%. We had a 15 year fixed before at 3.875%

What were your closing costs? Did you pay them upfront or roll them into your new loan? Never pay for closing costs. We have always done no cost closing. It isn't rolled into the new loan. It is truly no cost. The only cost is the opportunity cost. So for the 2.875% loan that we just got, we could have probably gotten it for 2.75% if we had paid for closing. But I feel that if you pay for closing it is going to take you years to recoup the cost. However, when it is no cost, we start saving right away. I am currently saving over $300 a month on interest alone. We are planning to prepay so that by the time the kids are in college, we hopefully will not have a mortage.

[SkyrMommy]

We refinanced a few years ago at 4.15% for 30 years and just finished refinancing for 15 years at around 3% (I think, it might be 2.8% something...)

We wrap closing costs into the loan as it makes more sense than coming up with $ out of savings and then as part of the mortgage it works for us at tax time. I do think we paid up front for the appraiser though.

Good luck... I always hate the paperwork that goes along with refinancing and hope this is our last time.

[egoldber]

We re-financed about a year ago, for the third time in 10 years. The first time we went from a 7 year ARM to a 30 year fixed, then to a lower rate 15 year 4.6 fixed rate. Most recently we went to a 30 year again (but are continuing to pay at the 15 year rate, and we snowball that too) and it was 3.875.

Previously we had paid closing costs, but most recently we paid nothing! Crazy.

[elbenn]

egoldber, when did you get the 3.875% rate? That is an awesome rate with no closing costs!