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refiancing the house

This is a discussion on refiancing the house within the Almost Anything Goes forums, part of the Off - Topic / Discussion forums category; If you all recall the last thread I put up about re-fiancing my house well I decided to go along ...

  1. #1
    Member knightryda01's Avatar
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    midnight blue
    2000 Pontiac ram air ws-6

    refiancing the house

    If you all recall the last thread I put up about re-fiancing my house well I decided to go along with it. In the end I just could not afford to pass it up.

    I owed 69,000 and some change at 6.1% with 22 years remaining.
    I did the streamlined FHA (no appraisal) etc that put me at 5.0%
    Which bumped me up to 72,000 and some change after it's all said and done, for 30 years.

    I save about $100 a month and I figure if I can get back to the point of being able to pay what I was before that extra $100 a month will have me paying off the house in 15 years which = 2 extra payments a year.

    I close next thursday. I also got to do the re-fi with no out of pocket expenses... zero I even get some money back at close. The only negative was I could not pull the money out to consolidate my high interest credit card.

    I am hoping once market conditions improve I can do that and be relatively debt free.

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    Veteran 35th-ANV-SS's Avatar
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    Good deal man.

    I just refinanced mine as well. I had lived in it for 4 years only, and was at 6.5% I refinanced at 4.125%, paying 0 points, and dropped my payment by almost $300/month. Some of that decrease was also inclusive of property tax incentives.

    In the end I skipped out on two house payments as well. My closing costs I figured were made up in me not making two house payments. Since my house appraised over 120% of what it originally was worth, I also was able to get rid of my PMI, which was about $50/month.

    Sadly I am spending about twice what I have been saving since I did this on my car lol.

  3. #3
    Member knightryda01's Avatar
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    midnight blue
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    Dam wish I could have got a 4.1% lol.

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    Veteran 35th-ANV-SS's Avatar
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    Quote Originally Posted by knightryda01 View Post
    Dam wish I could have got a 4.1% lol.
    Yeah. I refinanced back in May I think. Rates were a little bit lower back then. You still got a really good rate.

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