I can't believe we didn't do this sooner. We just started the process to refinance our house. We were paying 7.125% for 30 years.

We are refinancing to a 15 year mortgage at 4.875%...................

the best part, get this............our payment is only $30 more a month and we will save

$105,000 over the course of the loan! Can you believe it? Not only will we be done paying our mortgage in 15 years instead of 30, but we will save that much, and have basically the same payment.

Thank God for low interest rates!:clap:

Wow, Christina, that is GREAT!! We have a 30 year mortgage and I think our rate is 5.5%.

We did a 5/1 ARM w/ a 4% interest rate.

That's awesome, Christina! :aok: We have a 30-year fixed at 5.875%. We closed a little too late to catch the lowest point of the rate dip.

We closed in September with a 4.62 20 year fixed.:supergrin

We had a 15 yr 4.87% and have just bought a new home on a 30 yr 5.375% both were fixed rates. It's amazing how low interest rates have gone. That was a big factor in us deciding to move. We'll be gaining ~1200 more sq ft space in the house and 5x the land and we'll only be paying $100/month than our current mortgage!

we have a 30 yr at 5.0%

Ours is 5.35% fixed on a 30/15 balloon. When we refinanced last summer, we combined our second with our first, but that put us over the 80% loan-to-value ratio where you have to pay PMI, but by doing the balloon thing we don't have PMI. Hopefully in a few years the rates will still be low and our house will have appreciated enough to get us back under 80% and we can refi out of the balloon payment.

Dennis

We're refinancing from a 30 year fixed at 6.125% to a 5.5%. Since we bought our house in 1999, we've refinanced 4 times, and have trimmed $1,000/month off our payment!

We built a new home and moved in 6 months ago. Our rate is 5.7% 30 yr. We would have had a lower rate but we did a no doc loan because of us working in another state at the time. (long story) But we still did very well.

ours is a 30 year at 5.25%

we have a 30 year at 5.25%

Ours is a 5 year fixed rate at 3% (we bought it down from 4.7%) amortized over 7 years. We are paying a small fortune each month, but if we keep it up, we should be mortgage free in about 7-8 years. Not too bad. :) We pay far more than we have to pay according to the chart, but the extra we pay is all going on the principal, so we'll do that for as long as we can before we switch to a lower payment. We pay bi-weekly as well, so we have the extra couple of payments per year in there too.

Ours is a 30 year fixed at 6 1/8%, but we're looking into a refi right now to see if we can bring it down a little.

We havbe a 30 year at 5.25%

Ours is 5.35% fixed on a 30/15 balloon. When we refinanced last summer, we combined our second with our first, but that put us over the 80% loan-to-value ratio where you have to pay PMI, but by doing the balloon thing we don't have PMI. Hopefully in a few years the rates will still be low and our house will have appreciated enough to get us back under 80% and we can refi out of the balloon payment.

Dennis
I'm curious about this balloon payment. What is it?
We are currently refinancing our first and second loans together at 5.6%. Our appraisal came in lower than expected, so now we will be over 80%. We can either pay $4700 out of pocket or pay PMI.
We are prepared to pay $4700, but would rather not if we don't have to.

To answer the original question... we are paying 6.875% on the first loan and 8% on the second. By financing to 5.6% we'll save $300 a month.

We're getting a CHFA mortgage (sorta like an FHA loan, but only for state of Connecticut), and our 30-year fixed rate is 4.625!

We have a 30 year loan at 5 %.

We have a 7 year arm at 4%. We will most likely be moving before the 7 years is up and if not we will just refinance.