Is anyone else looking at refinancing their mortgage?

[ralph]

Did my refi a couple months ago...dropped my interest down to 3.1%, dropped my payment by almost $300. With interest rates now below 3%, this is possibly the best time ever to consider a refi if you have an older higher interest mortgage. The only thing I could tell anyone, is to stay away from places who advertise doing the loan at home on your computer, I checked one of those places out just out of curiosity, and the total cost of the loan through them, was over $8000! I went to my local credit union and their total costs were $2400, plus they hold ALL the mortgages themselves, they don’t sell it to someone else. So, if I have a issue, I can talk to somebody locally, face to face..

[BehindBlueI's]

I'm at 3.25% right now and my balance is low enough unless there's a no closing cost option it's not worthwhile for me.

[farscott]

I'm at 3.25% right now and my balance is low enough unless there's a no closing cost option it's not worthwhile for me.

Same here except we are at 2.625% with less than five years to go. To make even a zero-cost refi worthwhile (Alabama has taxes due as part of a refi), we need a rate of 1.5% for a five-year term.

[beenalongtime]

Paid off the mortgage a long time ago. People who have lost there houses have been trying to get me to "upgrade" for years. I'll stick with paid for.

[Darth_Uno]

We're kicking around buying property (5-10 acres); if we pull the trigger on that in the next year or two I wouldn't recover the refi costs for my current home. I'm currently at 3.3%, so that's not too bad anyway.

Otherwise, if you don't plan to pay it off aggressively and you're in the first half of your loan, it's definitely worth getting in at 2.75.

[Casual Friday]

The juice isn't worth the squeeze for us unless there were no fees involved.

[Dave Williams]

Just did it saved a ton.

[Borderland]

I think a person has to look at where your money is going. I've been doing an average of 8% on my investments the last 10 years. If I needed to get locked into a mortgage 2.5 would look pretty good. The reason being that if one took the savings from a lower mortgage rate and invested it in the market, over those 15 years you would be way ahead of the game. You can't spend that money you saved on your mortgage on depreciating purchases like vehicles and RV's tho. That defeats the interest advantage. Maybe a college education might be worth it, maybe. TP has some interesting comments about that and I see where it might not be a good idea with some professions.

I like the idea of using a mortgage broker if one does a refi. Its like having an agent shop for your loan. The lender pays the commission to the broker, not you. Banks are greedy bastards with lots of corporate overhead. They generally aren't the best bet for a mortgage.

[LittleLebowski]

I'm at 3.25% right now and my balance is low enough unless there's a no closing cost option it's not worthwhile for me.

Bro...my closing cost is $1.19. Do eet.

[JRB]

Got locked in at 3.00% when I started the homebuying process right at the start of June, and I'm still absolutely stoked about that. My loan officer, who's an old friend, lamented that if we'd started the same at the beginning of August, he could have gotten me 2.625% instead. Insane stuff.

But it wouldn't have been for the same house, and I'm genuinely over the moon with my new house.