Have many of you refinanced your homes?

[-Pjackso]

If you can get 3.75 - 4% FIXED then get it. That's low.
If you're really trying to pinch pennies, a co-worker of mine actually went between 2 or 3 local banks, got loan info in writing (from bank 1) and showed it (to bank 2) and asked what they could do for a better deal. Then repeated the process of bank #2 against bank #1. Repeat a few times. She got an extra full percent off for the work. (Below their 'best' offer)

Good luck.

 

[Shadowrider]

I would never finance real estate over 15 years.

Most people don't realize that you can knock off years quite easily on the front side of the loan. I refinanced mine a few years back, taking some of my equity (not all but never a good idea).
If you just pay your normal monthly payment and add the next month's principle to it you can pay off a 30 year in 15. It gets really hard when you pass the half way point though. Up front it's just a few more dollars per month. Another good way is to do a bi-monthly payment plan, that cuts a good amount of years off for no additional payment per month. I'm sending $200 extra per month and have been doing that since I refied. Every time I pull out the amortization statement and compare where I should be to where I am, I just smile...

 

[BadgeBunny]

Every time I pull out the amortization statement and compare where I should be to where I am, I just smile...

Yep.

 

[foghorn918]

Even if you have a 30 yr mortgage and have been making payments for as long a 7 years into it, it could be worth it to refinance to a 15 year mortgage if the interest rates are good. Doing this knocks off 8 years of that original 30 and lets you build equity even faster. Also when you refinance, set up your payments to be made every 2 weeks. You'll knock down interest faster and at the end of the year youl'll have made a whole extra payment, but it goes only to principle.

If you can, round up your payments to add a little more to go on the principle.

Our current mortgage is a 15 year note w/ payments made every 2 weeks. We round up to the next even $100 amount, IE $445 goes to $500 every two weeks, so you get an additional $110 a month going on the principle. If you get work bonuses or income tax refunds, use those to make a one time principle payment every year you can.

Our 15 year note will be paid off in 10 years or less using this method.

Good luck in what ever you do.

 

[WhiteyMacD]

It all depends on your goals. I agree with JB on the nothing more than 15yr notes, except if you are planning to hop. We financed initially under a 30yr at 6%, I refi'd 3 years in at 4%. Thing is, it is really stupid to try to pay down a house you are planning to hop out of anyway (hop meaning living in a home for 5 or less years).

Find a good loan officer that specializes in home financing. They will steer you straight based on what your goals are. I have never done financing through a big bank (countrywide, chase, BoA, etc).