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Refinance

Refinance

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by: aggiebutterfly Active Indicator LED Icon 11 OP 
~ 8 years ago   Apr 7, '15 9:18pm  
Anyone refinance lately and have good experience? Who did you use? 4951
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QueenB Active Indicator LED Icon 16
~ 8 years ago   Apr 8, '15 1:18am  
We refinanced with Wells Fargo. It was really easy, took less than a month and they had someone come to our house to close the loan. We were out of pocket for $90 for closing costs, went from a 30 year loan to a 15 year, and the payment went up by $78 a month. Now so much more of the payment is going to principal than to interest. It will save us about $100,000 in interest.  4951
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tatertot58 Active Indicator LED Icon 15
~ 8 years ago   Apr 8, '15 7:25am  
Refinanced with Quicken Loans.  Closed on March 31.  Out of pocket was $9.82.  Went from a 6.89% interest on a 30 year note to a 3.5% interest on a 15 year note.  Payment actually went down $35 but in the long run I will be saving $75,000 - $80,000 because of more going to principal and the term is shorter. 4951
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2danes Active Indicator LED Icon 4
~ 8 years ago   Apr 8, '15 8:00am  
So what is the best place to use for home equity loan? 4951
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HollyHobby Active Indicator LED Icon 9
~ 8 years ago   Apr 8, '15 8:25am  
Do you happen to know what the current interest rate is? When I checked into refinancing a couple of months ago, it wasn't worth the expense. 4951
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aggiebutterfly Active Indicator LED Icon 11 OP 
~ 8 years ago   Apr 8, '15 9:03am  
thanks everyonewhat kind of rate did you get if you don't mind sharing!@tatertot58 @queenb 4951
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QueenB Active Indicator LED Icon 16
~ 8 years ago   Apr 8, '15 10:52am  
what kind of rate did you get if you don't mind sharing!
 
@aggiebutterfly: We went from a 5.5% 30 year to a 3.5% 15 year. If your lender will take out your payments bi-weekly instead of monthly you could cut that 15 year to a 13 year loan for no extra money.
4951
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tatertot58 Active Indicator LED Icon 15
~ 8 years ago   Apr 8, '15 11:15am  
So what is the best place to use for home equity loan?
 
@2danes:  Laws surrounding Home Equity are very different in the State of Texas than any other state.  It is really not called home equity but a cash out.  I understand once you do this if you every want to re-finance it is very difficult.  The interest rates are much higher and they are more difficult to get.  I tried to do this with the re-fi I just completed as I wanted to do some remodeling and I had equity in the house.  Just one more quirk of the State of Texas....
4951
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tatertot58 Active Indicator LED Icon 15
~ 8 years ago   Apr 8, '15 11:16am  
thanks everyonewhat kind of rate did you get if you don't mind sharing!@tatertot58 @queenb
 
@aggiebutterfly:  3.8
4951
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tatertot58 Active Indicator LED Icon 15
~ 8 years ago   Apr 8, '15 11:17am  
Do you happen to know what the current interest rate is? When I checked into refinancing a couple of months ago, it wasn't worth the expense.
 
@HollyHobby:  I was told it is only worth refinancing if you can go down two point.  In my case I went down over 3 points so it was a big savings overall
4951
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bubbleyes72 Active Indicator LED Icon 18
~ 8 years ago   Apr 8, '15 11:20am  
I refinanced with Mortgage Trust (on WLHP right before you go over the bridge) and got a 3.35 interest loan for 15 years,  I was trying to avoid Wells Fargo but they ended up buying my loan and I'm with them afterall. I too need to call them and do the bi-weekly so I can shave it down.
 
@QueenB, I thought it would shave off more than that in years? 4951
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HollyHobby Active Indicator LED Icon 9
~ 8 years ago   Apr 8, '15 12:30pm  
Our current mortgage is with Chase and we were told that we could not do the biweekly payment thing -- at least not automatically. 4951
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aggiebutterfly Active Indicator LED Icon 11 OP 
~ 8 years ago   Apr 8, '15 12:45pm  
Woohoo...i'm getting rates of 3.12 and 3.2 for a 15 year loan.  My payment will be about the same as my 30 year.  Stoked! 4951
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WJo Active Indicator LED Icon 13
~ 8 years ago   Apr 8, '15 12:54pm  
sorry I couldn't add anything to this thread but our home has been paid off for several years . I do know that we financed the house we purchased in Texas thru Wells Fargo & every few months our payment amount would go up , after a year with Wells Fargo our house payment had increased several hundred dollars , at the end of 6 years it had increased  over $2,000. they kept telling us it was because of taxes , etc. there was always an excuse for the payment going up. I was so glad when we sold that house , I will never finance a house again . 4951
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QueenB Active Indicator LED Icon 16
~ 8 years ago   Apr 9, '15 8:36am  
@QueenB, I thought it would shave off more than that in years?
 
@bubbleyes72: I think the bi-weekly payment shaves about 7 years from a 30 year loan... I was thinking 2 years on a 15 year loan but I'm not positive about that.... it could well be more than 2 years. If you're thinking of doing the bi-weekly, definitely do!  Emoticon
4951
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tatertot58 Active Indicator LED Icon 15
~ 8 years ago   Apr 9, '15 8:52am  
I do know that we financed the house we purchased in Texas thru Wells Fargo
 
@WJo:   My previous loan was with Countrywide and went to Bank of America when Countrywide went under.  Bank of America sold it to Nationstar.   Nationstar is the absolute WORST!!!!!  They would raise the amount due without notice and then tack on extra fees because you did not pay an increase you were not aware of.  They charged $25 for me to request a payoff quote and another $30 for them to fax it....    
4951
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