Refinanced Your Mortgage?

I refinanced my house recently from 6.25% to 5.00%.  I did not pay any points and the cost of the refinancing will be recovered in less than seven months.  It was a no-brainer.

I have several friends who have refinanced as well.  Many of them report that they have obtained 4.75% interest.

People with 80/20 mortgage arrangements are discovering that they are saving a TON of interest by refinancing and obtaining a conventional first-mortgage only.

Have you refinanced?  Have you considered it?  It can cut YEARS off the repayment or it can provide margin in a very tight budget.

I really like the refinance calculator over at CNNMoney HERE.

Check it out, and then let everyone know what type of deal you got!

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3 Responses to “Refinanced Your Mortgage?”

  1. Johnny Hall April 20, 2009 at 4:13 am #

    Joe I just refinaced my mortgage from a 6.5% 30 yr. To a 4.375% 15 yr. Looking forward to really knocking this mortgage out alot sooner.

    Thanks For All You Do!!!
    Johnny

  2. Bill Smith April 20, 2009 at 1:55 pm #

    Joe, Started in Jan. the process of refinancing my 30yr 7.25% loan. Closed in March with a 4.375% for 10yrs. Had 22yrs left so cut out 12yrs with same payment. Am putting $75 towards principle so hope to have it payed off in 9yrs. Did pay one point that cut interest from 4.5% to 4.375%, but only cost me $65.

    I Thank God for you Joe,
    Bill

  3. Travis April 22, 2009 at 9:23 am #

    Us too!!

    Was a 15 year fixed at 6.25% — Now 4.375% (1% origination fee with no points)

    Best part.. Making the same mo. payment but now more money is applied to the principal than interest each month.

    We actually look forward to making our payment each month! –I never would have thought that was possible?

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