Ask:
What interest rate are you paying on your mortgage?
I've heard that re-financing and lowering your mortgage rate, even by a little bit can save thousands of dollars a year.
There seems to be huge differences from coast to coast and area to area for interest rates.
Answer:
It also depends on when you got the loan. We started with 8% and then refid down to 7.125%. We should have refi'd a couple of years ago, but put it on the back burner. Now we want to get rid of the PMI.
Answer:
We pay 5.7% , which is pretty good.
Answer:
We're at 6%, which is good for this area. I have a mortgage broker calling me all the time to refi, but they want us to refi at 6% again, and the only thing that will save us money is that I will go from owing 24 years on my mortgage to owing 30 years on my mortgage--I don't see that increasing the length of my debt is really going to save me money in the long run. Watch out for that--re-fi'ing now could save us a couple hundred a month but I'll be paying off this house until doomsday...
Answer:
The PMI is a huge waste of money.I was actually advised to not do it even tho I knew what it was and how I didnt want it.
Right now,we are paying 13% but after this morning,we will be paying 10%and then in a couple to few yrs we WILL be paying less.
Originally Posted by desertmom
It also depends on when you got the loan. We started with 8% and then refid down to 7.125%. We should have refi'd a couple of years ago, but put it on the back burner. Now we want to get rid of the PMI.
Answer:
We bought our house in 2001 and our interest rate was 6.675% on a 30 year loan. At the time, that was pretty good, but they went lower so. . .
We refinanced in 2003 to a 20 year loan at 5.375%. It only raised our payments by $50 to switch to a 20 year loan at the lower rate. We don't pay PMI.
Answer:
Ours is 5.09% at the moment. It seems to be the lowest we can go for now.
I had to google PMI. I've never heard of it. Is it an extra fee or an extra %?
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Ours is 6.35 which I was extremely happy with since we have a bankruptcy a few years ago. We do have PMI which we will probably be able to get rid of in a year or so, after we finish our basement.
Answer:
Ours is 5.8% we wanted to refi and see about getting a lower rate, but our credit is so bad, we can't. No one will take us on and if they do, the interst rate is rediculous.
Answer:
When we bought the house the rate was 7 1/4%. We refinanced a year ago to 6 1/4%. I wish we would've gotten in on the 5% when it was available.