Waiting to refinance your mortgage?


I'm in the process of refinancing my mortgage at this moment. Started my process back in mid November. I should be hearing from the underwriter any day now-- hopefully between this week and early next week.
 

CriTAUcal said:
I'm in the process of refinancing my mortgage at this moment. Started my process back in mid November. I should be hearing from the underwriter any day now-- hopefully between this week and early next week.
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Crit, please keep me posted how that goes for you. I'm thinking about re-financing my mortgage. Ever since Bank of America has bought my mortgage, you won't believe the mess I'm going through paying them every month. I swear, it's ALWAYS something with them.

I want to refinance, but I have no head in business at all. I really would like to know what I'm talking about or understanding what's being said to me before I go through with it. My current bank (US Bank) has informed that they would be glad to refinance me.
 
I know the rates change, but they have been very low. Lord knows I need to take advantage of this.
 
96lioness said:
Crit, please keep me posted how that goes for you. I'm thinking about re-financing my mortgage. Ever since Bank of America has bought my mortgage, you won't believe the mess I'm going through paying them every month. I swear, it's ALWAYS something with them.

I want to refinance, but I have no head in business at all. I really would like to know what I'm talking about or understanding what's being said to me before I go through with it. My current bank (US Bank) has informed that they would be glad to refinance me.
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Will do! :tup:

96lioness said:
I know the rates change, but they have been very low. Lord knows I need to take advantage of this.
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They are low. That's why I'm jumping on it now. I LOVE-LOVE my house, but it's not worth what I paid for it anymore-- as with any house in today's economy. Don't wanna move, because what I would pay in rent would either be the same or actually higher. So I'll ride it out. But while I'm riding it out, I'd love to see my mortgage as low as $500 a month.
 
One of the biggest concerns I've heard with refi is whether or not to refi for another 30yrs at a lower interest rate, or to refi with the same payments thus reducing the term you have left.

For example you've paid 10yrs at @1100 monthly, now you refi for 30yrs but payments are $800

or

you've paid 10yrs @$1100 monthly, now you refi keeping the $1100 monthly payment but your remaining term is 12yrs or less vs 20 yrs.
 
CriTAUcal said:
Will do! :tup:



They are low. That's why I'm jumping on it now. I LOVE-LOVE my house, but it's not worth what I paid for it anymore-- as with any house in today's economy. Don't wanna move, because what I would pay in rent would either be the same or actually higher. So I'll ride it out. But while I'm riding it out, I'd love to see my mortgage as low as $500 a month.
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Same here.....I'd be happy if I could get a couple hundred knocked off my mortgage.

Hope it goes well for you.....again, please let me know how it turns out for you.
 
96lioness said:
Same here.....I'd be happy if I could get a couple hundred knocked off my mortgage.

Hope it goes well for you.....again, please let me know how it turns out for you.
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Thanks! If I get mine down a couple of hundred, I'll be real close to that my mortgage goal! :tup:

I'll keep you posted!
 
Tpop33 said:
One of the biggest concerns I've heard with refi is whether or not to refi for another 30yrs at a lower interest rate, or to refi with the same payments thus reducing the term you have left.

For example you've paid 10yrs at @1100 monthly, now you refi for 30yrs but payments are $800

or

you've paid 10yrs @$1100 monthly, now you refi keeping the $1100 monthly payment but your remaining term is 12yrs or less vs 20 yrs.
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Depends on how long you're planning to stay in your home. I'm refinancing my mortgage right now for another 30 years which will make my payments $400 less. I have no intention of staying in the home long term. I'm just waiting until the home market gets better so I can onload. If I was planning to live here long term and retire, I would refinance either to a 15yr or 20yr.
 
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