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i was wondering if anyone has refinanced a home. did it save you any money? did you incur any costs out of pocket? i haven't done it because i have heard a few bad stories regarding cost and result. i don't know if it is worth it to do it as i will be selling prolly be end of next year. are there any 2cooler that refinance or have someone to recommend? thanks for the advice.
 

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Concrete Contractor
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Im in the process right now. They said mine will frop from 6.75% to 5.25 to 5.4 right now. They will roll the cost into the loan, and I can skip a payment. Should lower my pymnt by 300.
 

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i was wondering if anyone has refinanced a home. did it save you any money? did you incur any costs out of pocket? i haven't done it because i have heard a few bad stories regarding cost and result. i don't know if it is worth it to do it as i will be selling prolly be end of next year. are there any 2cooler that refinance or have someone to recommend? thanks for the advice.
If you really are planning on selling by the end of next year - you likely won't see much benefit in refinancing - generally it takes 18 to 24 months after you refinance to recoup the closing costs of the refinance.

every loan is different, so it doesn't hurt to explore your options.

my Mom is a loan officer, she's helped quite a few people here with new home loans and refinances. Her username here is velshirley, but best to reach her by email: velshirley at aol.com
 

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I did ours a few months ago with a fellow 2cooler, TXLoanHunter (James Ricks) from BlueWater Mortgage. We rolled my 9% pool loan, my 6% mortgage, and all fees into a new 5% mortgage and it lowered my total payment dropped by about $300. He not only is a very solid guy and a board sponsor, but his rates beat the bank by almost a full % point. He also ran a full loan analysis for free. I'd recommend him to anyone.
 

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If you can get a new interest rate around 2 points lower than your existing rate, and your not selling for two years, then it works.
 

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Tiny is Gone... Hi, My Name is ROGER
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Depends on how long you already financed for, if just a year or two, no problem on getting the same length. If you have been there a while, make sure you get the note for the approximate amount of years you have left on your existing loan, don't loose the 5 or 10 years you've already payed off.
 

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Ditto everything that has been said. If you can get it down 2 points and are going to stay there, it would probably be worth it. But BEWARE of games these guys and girls like to play!!! They like to do you like a bad car salesman!!! You can get a quote for free and just see were your at. Excellent idea in todays market.
 

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I would not consider it unless your getting at least 2-3 point reduction. If they roll in the cost of the loan into your equity you just lost years of principle. I am at 6.8% on my primary residence and while I would get a great new rate I would be adding about 5-7 grand to my mortgage. I am better off paying down principle on current mortgage. I am on a 30yr and plan to payoff much early. If you plan is to carry the mortgage to term then you may like the savings over the life of the refi mort.
 

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Refinance to 15 years or less if you really want to save some money. Run the numbers and look at how much interest you will save. Theoretically, after 15 years you can keep making the payment, but pay yourself instead of the mortgage company. Those 15 more years of payments going to you builds wealth fairly quickly.
 

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Texas Aggie Fisherman
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Set up a spreadsheet that compares your existing loan to a "new" loan and see when the break even point is then see if it's worth the hassle. When you compare, make sure to take into account that the existing loan has more interest to be written off.

My guess is that if you are selling next year it's probably not worth it unless you go from like 7% down to 5% or something.
 
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