We refinanced back in Oct/Nov. Stuck with the same mortgage company (Suntrust)... because we stayed with them they dropped some of the refi fees and whatnot... just something to think about...
we stayed with the 30 yr though...
Start with your own mortgage company and see what they can offer you. Let them know you're shopping. Not in their best interest to lose a paying customer.
This is just my opinion, but it seems to be holding true: every so often in some sort of cycle the FED purposely drives down rates really low so people can refi out of bad loans/high interest loans and so people can purchase homes at really low rates. We just came out of yet another one of those cycles.
I wouldn't refi at today's rates if I were you. I'd wait to the next cycle where they get in the low 4% range again.
My same loan I got in October would now cost me nearly $200 more per month.
They can make the rate all kinds of percentage numbers by playing with the points and origination fees that they will charge you.
https://www.suntrustmortgage.com/checkrates.asp
I did the mortgage accelerator as well when we refinanced to a 15-year 5.1% loan in 2003. Got the original 30-year 7.5% mortgage in 1992...paid a whopping $32K off in 10+ years. Just sent in the last payment on Saturday.Also look into a "bi-saver" plan. Most mortgage companies have one. It's where you pay 1/2 your monthly every two weeks. It can knock years off the interest.
When I refinanced, I went from a 30 year fixed to a 15 year fixed. Between the lower interest rate and the bi-saver, I was able to pay off the 15 year mortgage in about 10 years.
No more mortgage for me!
I do! Send me a PM if you're interested.I know this.
Do you have a local to recommend?
Let me say this again...a person and not a company.
I'd say Jim Moran or Marsha Reynolds at First Home Mortgage in Hollywood- Love them!!! I also would not recommend PNC- I got the same feeling like they were too good to talk to me, then never got any response back from them-would never recommend them!
And yes- back in Oct rates were down to 3.5% for 15 years loans! They have risen dramatically over the past couples months But you are still in to save some money, we had 6% and did a refi at 4%- any money saved helps these days!!!!
Also look into a "bi-saver" plan. Most mortgage companies have one. It's where you pay 1/2 your monthly every two weeks. It can knock years off the interest.
When I refinanced, I went from a 30 year fixed to a 15 year fixed. Between the lower interest rate and the bi-saver, I was able to pay off the 15 year mortgage in about 10 years.
No more mortgage for me!
Also look into a "bi-saver" plan. Most mortgage companies have one. It's where you pay 1/2 your monthly every two weeks. It can knock years off the interest.
When I refinanced, I went from a 30 year fixed to a 15 year fixed. Between the lower interest rate and the bi-saver, I was able to pay off the 15 year mortgage in about 10 years.
No more mortgage for me!
I'm surprised nobody has even started in on the difference between a mortgage broker that just acts as a salesman for anyone lending money and a mortgage guy who actually works for the company that has the money to lend. There's quite a difference...
Ha. I tried this with our mortgage company, Wells Fargo. We can make the payments twice a month, but they cannot get credited to our loan until we meet the minimum payment. It's nice that the whole chunk doesn't come out of one paycheck, but doesn't do much for our interest.
You have to set it up this way, and usually mortgage companies charge a set-up fee, along with a monthly "maintenance" fee. You can do this yourself for free by paying more on the loan (principle) each month. The same with car payments and other loans.
Dont't even need to sign up for any "bi-saver" plan. Just doing it on your own. Take your monthly payment (PI), divide it by 12, take that amount and add it as extra principal on your regular monthly payment. This will result in your paying 13 payments per year which is the same thing that the "bi-saver" plans do.
Video - Breaking News Videos from CNN.com
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Dont't even need to sign up for any "bi-saver" plan. Just doing it on your own. Take your monthly payment (PI), divide it by 12, take that amount and add it as extra principal on your regular monthly payment. This will result in your paying 13 payments per year which is the same thing that the "bi-saver" plans do.
Video - Breaking News Videos from CNN.com
.