MM win: Refinance

[auberge]

I'm so excited for our latest mm win that I have to post.

We bought our house 2 1/2 years ago. At the point we didn't have 20% down, so we have a PMI of $537 a month.

Fast forward to about a month ago when I called our bank and they said we couldn't drop the PMI before five years without refinancing. So we patiently watched the interest rates every day and locked in last week at 3.5% (from 3.8%). Our appraisal came in yesterday and it's 200k more than we bought it for!!

So, our payment will down $600 a month!!! So glad we just didn't sit around waiting on the bank.

[Pom]

Great news, congrats!!

[arch01]

That's awesome!!

I was just texting a friend earlier to see how much her appraisal is costing-they close at the end of April. We'd be teetering on the edge of 80/20 LTV-we have a 5/1 ARM that adjusts in 2016. I think we're going to hold out for a bit, mainly because I don't want to pay closing costs at the moment for a refi and it's a tossup if we can drop PMI-but we can only do it with a refi.

[auberge]

Our appraisal was $400 and $2000 closing cost. Not bad considering this is just four/five months of PMI.

[Deleted]

auberge THAT IS AWESOME!

[Deleted]

Holy shit auberge! That's a total swing of +$1,100 a month, right? The $500PMI + the loan going down $690/mo? What will you do with the money?

[auberge]

Mar 30, 2015 16:10:51 GMT -5 @idaholakelady said:

Holy shit auberge! That's a total swing of +$1,100 a month, right? The $500PMI + the loan going down $690/mo? What will you do with the money?

I wish lol. No, it's $600 total. I'm still happy. It's going towards private school yay/boo.

[AAM2012]

That's awesome...but now I'm looking at everyone's rates and am feeling crappy. We locked in about 3 weeks ago at 3.75 with PMI of $47/month. I really wish we didn't save as much for our retirement because it hindered our ability to put 20% down.

[my3bears]

Mar 30, 2015 18:29:04 GMT -5 AAM2012 said:

That's awesome...but now I'm looking at everyone's rates and am feeling crappy. We locked in about 3 weeks ago at 3.75 with PMI of $47/month. I really wish we didn't save as much for our retirement because it hindered our ability to put 20% down.

3.75% is still insanely low! We refi'd at 3.75% 3 years ago, a year prior we bought our house with a 4.75% thinking it could NEVER go lower than THAT. In 20 years we'll all look back and wonder how the hell we got 3.75% mortgages!

[WinterWine]

That's awesome! We had a very similar experience a few months ago. It still makes me happy every month when I pay our mortgage and see the principle falling off.

[everafter07]

Damn girl, good work!