So nervous

[sara76]

We are going to refinance our house. Our interest rate is stupid high and so is my credit score so we are wasting a ton of money. If we do this and keep making the same payment we are now we will pay off our house in 15 years instead if 26. And I think it will save us somewhere near 75K in interest. So I don't know why I'm so nervous. At the very least it will put us at market value in 5 years.

[tashaandsage]

That's great, Sara! We refinanced recently to take advantage of lower interest rates. Even so, we will never be at current market value. We bought over eight years ago right before the market got completely out of control, and then we put into out home through additions/remodeling alone what you can now buy a house for in our neighborhood. It makes me a little sick when I see the cost of great houses for sale and realize that they are 1/2 or 1/3 of what we have invested in ours...

[sara76]

Aww, I know, houses are being stolen away right now! It is such a bummer. That market value we are looking at is just from Zillow and isn't considering what we have put into our improvements. We bought 4 years ago when we thought the market was close to bottomed out. Mortgage brokers don't even consider us down when they realize its only in the ballpark of 30k. The bad thing about ours is it's nowhere near our forever home. We really thought we'd be good to sell it by now.

[alzi]

Good!! THAT MEANS YOU AREN'T ALLOWED TO MOVE THEN, ya know;)

[sara76]

Well then Alzi you better get yo AZZ over to our neck of the woods then!

[alzi]

It's in the potential long term plan! Give me time!

[babybchbum]

Just be lucky you can refinance, but know if you are in the middle of projects that can hinder any possibly refinance options.

Many places are cracking down on in progress remodels.

[sara76]

Oct 24, 2012 19:15:37 GMT -5 babybchbum said:

Just be lucky you can refinance, but know if you are in the middle of projects that can hinder any possibly refinance options.

Many places are cracking down on in progress remodels.

We are done with projects except we need the front painted. I don't think that matters for a FHA streamline loan though? Who knows. No more projects for awhile. We are tapped out.

[moonstone523]

We refinanced our house (the one we are moving out of and renting). We were only able to because of something Obama did to make it so banks had to allow us to despite the home being worth much less than we owe. It was such an easy process once the banks had to talk to us.

My sister just refinanced hers in Texas. She didn't have a problem either.

Good luck.

[babybchbum]

Oct 24, 2012 19:42:22 GMT -5 moonstone523 said:

We refinanced our house (the one we are moving out of and renting). We were only able to because of something Obama did to make it so banks had to allow us to despite the home being worth much less than we owe. It was such an easy process once the banks had to talk to us. My sister just refinanced hers in Texas. She didn't have a problem either.

Good luck.

I envy you- I just wish we could refinance and get it all together. DH got suckered into an 80/20 loan before we were together and now it just stinks. Luckily we can over pay each month and should have the 2nd one paid off by 2016 (total of 9 yrs) and be smooth sailing on the 1st, but it still stinks to see our 5 & 8% mortage when we could be down in the 3s

[sara76]

Oct 24, 2012 19:42:22 GMT -5 moonstone523 said:

We refinanced our house (the one we are moving out of and renting). We were only able to because of something Obama did to make it so banks had to allow us to despite the home being worth much less than we owe. It was such an easy process once the banks had to talk to us.

My sister just refinanced hers in Texas. She didn't have a problem either.

Good luck.

I wish we qualified for that but you have to have a Frannie Mae or Freddy Mac loan and ours is neither. Ours is FHA so we can't get as low as we'd like. The lowest we can go is 3.87. I can't believe I've got my credit score all the way up to a 772 and I can't get any lower than that but I'm thankful for that at least. A broker we talked to told us that congress is working on something to allow FHA's to refi into something other than another FHA but we don't want to sit around and hold our breath.

[moonstone523]

Your rate is great Sara. Our refi was at 4.5.

[moonstone523]

Oct 25, 2012 7:17:21 GMT -5 babybchbum said:

Oct 24, 2012 19:42:22 GMT -5 moonstone523 said:

We refinanced our house (the one we are moving out of and renting). We were only able to because of something Obama did to make it so banks had to allow us to despite the home being worth much less than we owe. It was such an easy process once the banks had to talk to us. My sister just refinanced hers in Texas. She didn't have a problem either.

Good luck.

I envy you- I just wish we could refinance and get it all together. DH got suckered into an 80/20 loan before we were together and now it just stinks. Luckily we can over pay each month and should have the 2nd one paid off by 2016 (total of 9 yrs) and be smooth sailing on the 1st, but it still stinks to see our 5 & 8% mortage when we could be down in the 3s

One of my friends and I always joke that it wasn't a turn on that our men owned homes before we met them. 10 years ago maybe, but 5-6 years ago - nope!