Refinancing your home

[Tadswife]

Hello ladies...

I have been doing some thinking lately and have been wondering about refinancing our home. We are currently at a 6% interest rate. We have been in our home for 3 years and have a 15 year fixed loan! I was looking at some of the interest rates and some are as low as 4.25! I think it would be good to shave off two years and do a 10 year loan at a 4.25. We would be able to pay our house off earlier and have a lower interest rate. I know the mortage would go up some. But we are ok financially at the moman to take this step.
Have any of you refinaced your home? If so what did you do and did it work out better in the end for you. I know interest rates go up by the day. So I figured I would get some of your imputs before dh and I actually do it.

[WebLady]

I have never done this so don't know how it works, especially now.

:goodluck:

[SerendipityCrafts]

Do you guys have to do periodic mortgage renewals in the US?

In Canada we can get up to a 30 year mortgage but renewals might be as soon as ever 6 months or up to 5 years. We can only re-negotiate the rates at renewal time.

[Whitewater]

We're happy with our rate and don't want to re-fi. But we also got into a program through our lender where we pay a set amount every two weeks instead of the full payment 1x a month, and that will shave 8 years and $80,000 off of our 30 year mortgage.

Only 21 more years to go!

I know some people re-fi to try to shave off time and interest etc from their loans, but we're already doing that.

We have a pretty low rate as it is, so I don't think we're going to re-fi anytime soon.


Whitewater

[Brian's Bride]

A guy I work with just told me he refinanced yesterday at 4.75% for a 30-year fixed loan. He's only been in his house a year and it was at 5.675%. So he gained an additional year but figured he will be saving lots of money in the long run. Sorry I don't have specific numbers for you, though! I think you should look into it if you can get your house paid off even faster.