Comments on: Why We’re Not Refinancing Our Mortgage

By: Should we Refinance? | Save Green and Live Green!

Should we Refinance? | Save Green and Live Green! — Thu, 28 May 2009 21:59:27 +0000

[...] January, I wrote about how we’re not refinancing our mortgage. Well, I kinda lied. We’re kicking around the idea right now. The rates just have been enticing [...]

By: Mrs Money

Mrs Money — Tue, 06 Jan 2009 23:46:50 +0000

Jennifer- Good luck with paying off your credit cards. I know you can do it! I hear you about storing the money under your mattress..

By: jennifer

jennifer — Mon, 05 Jan 2009 03:14:06 +0000

I have a good variable that can’t go up more than $50.00 one way or the other once a year. So it has been good for me. I want to pay off all my credit cards this year and then maybe I’ll refi to maybe get enough to buy another rental property (if I have the stomach to do it again) or else I’ll save my money under my matress.

By: Mrs Money

Mrs Money — Sat, 03 Jan 2009 16:54:29 +0000

Kristen @TheFrugalGirl- I think if they get lower we may revisit it too. If we can get a good deal it may be worth living here forever. The only problem with living here is it’s so far from family that I worry we’ll want to get out of here in another couple of years!

MIss M- That is crazy! I am so sorry. It sucks that people get penalized for doing the right thing (like making their payments on time).

Ashley @ Wide Open Wallet- I hope it works in your favor! I wish we had gotten a lower rate up front too.

Momthing1- I’ll keep my fingers crossed for you! You are getting a whole 1% less rate than we are though, so that should make you feel a little better! ;

Christina @ Northern Cheapskate- WOW! That is so great! I wish I knew we were staying here forever.

Gary LaPointe- That sounds like a great rate now! I hope things work in your favor.

Enough Wealth- That is so interesting! I had no idea that is how Australians got home loans. Good luck getting a better rate!

By: Enough Wealth

Enough Wealth — Sat, 03 Jan 2009 10:10:13 +0000

Home loans work a bit differently in Australia. Here most people get a 25-year variable rate loan, as fixed rate loans are only available for terms of 1-5 years. However, interest rates here have been slashed due to the GFC, just as in the USA so I’m looking at fixing our home loan rate for 5 years. We have an investment loan fixed at 6.99% (for another 3 years or so), but our home loan is currently at the variable rate (currently 6.29% after dropping from around 8.9% at the start of 2008). I’m waiting for rates to drop a bit more in early 2009 and will probably convert it to a fixed rate for 5-years as soon as fixed rates get down to close to 5%. At the moment our bank is offering 5-year fixed rate of 6.44%. I pity anyone how took out a 5-year fixed rate at the start of ’08, back then some commentators were saying fixed rates looked attractive at around 8% as they were below the variable rate!

By: Gary LaPointe

Gary LaPointe — Sat, 03 Jan 2009 00:02:53 +0000

I’m only at 4.875% and whilte that is a once-a-year adjusting ARM, but still can’t justify it since I don’t know how long I’m staying here…

By: MIss M

MIss M — Fri, 02 Jan 2009 20:04:33 +0000

Update: I called my lender, but still no dice. They are holding my loan but even modifications have to conform to the 80% LTV. I tried their free home valuation, it was very, very ugly. I would have to bring $153,000 to the table to close!

By: Christina @ Northern Cheapskate

Christina @ Northern Cheapskate — Fri, 02 Jan 2009 19:51:08 +0000

We’ve just started the re-fi process – going from 6.25 percent to 4.875. It will take us about 2 years to make back the closing costs, but we’ll save a ton of interest on the life of the loan, and we plan to spend the rest of our lives in this house. Currently awaiting an appraisal and hoping we can escape PMI (we currently pay that, but if our value has increased enough, we won’t need it.)

It’s a tough call, and hard to figure out when you are thrown so many different numbers and scenarios. Sometimes you have to go with your gut.

By: Momthing1

Momthing1 — Fri, 02 Jan 2009 18:35:15 +0000

I did a re-fi last March and have a 5.25% 30 year fixed. I’d look at a re-fi again if I could get 4.25% and my house value shot up; it seems unlikely both things will happen simultaneously, so no re-fi for me.

By: Ashley @ Wide Open Wallet

Ashley @ Wide Open Wallet — Fri, 02 Jan 2009 18:19:38 +0000

We got a great rate originally so rates aren’t low enough to refinance yet. But it is something I would consider if rates get low enough.