anybody refi there house, recently?

[Gas Man]

per wifey..

she has rates of 3.5% for 15 yr mortgages.

[tommymac]

Originally Posted by Gas Man

per wifey..

she has rates of 3.5% for 15 yr mortgages.

30 yr fixed are under 4.5. I thought I did amazing at 4.75. Not sure I could afford a 15 yr now, I am overpaying but if things are tight in a given month I use that money elsewhere.

[101lifts2]

Originally Posted by fasternyou929

It's scary how little many adults know about credit/finances.

Refinancing will not hurt your credit; it simply replaces your old mortgage with a new one, written with better terms (unless you're really being taken to the cleaners ).

The only argument to support it "hurting your credit" (and it's a stupid one because the effect would be negligable) would be your credit report would show a recent inquiry.

This is true unless you are taking out a home equilty loan. Then...this is lumped into the revolving credit bucket. This loan is usually much higher than credit card limits.

[fasternyou929]

Originally Posted by 101lifts2

This is true unless you are taking out a home equilty loan. Then...this is lumped into the revolving credit bucket. This loan is usually much higher than credit card limits.

Taking out a massive car loan or skipping a few payments will lower your borrowing power too, but that wasn't the question posed. It was specific to refinancing.

[MILK]

Originally Posted by 101lifts2

This is true unless you are taking out a home equilty loan. Then...this is lumped into the revolving credit bucket. This loan is usually much higher than credit card limits.

Home equity lines don't hurt your credit rate either. Never hurt mine, my score is in the 800's and was even before it was paid off. Of course home equity lines are more debt, which is considered with re-fi's or new loans.

[Captain Morgan]

Originally Posted by tommymac

values by us are way down too, a house up the road just sold for 380k, which is what my mortgage is, kick in the ass is it is a rather nice house so I dont want to know what mine is worht now.

Originally Posted by Cutty72

I could buy my place 3 times for that!

I could buy my place 6 times for that!!

[101lifts2]

Originally Posted by MILK

Home equity lines don't hurt your credit rate either. Never hurt mine, my score is in the 800's and was even before it was paid off. Of course home equity lines are more debt, which is considered with re-fi's or new loans.

It depends on the amount of your line of credit. A home eq. loan is the same as CC debt (revolving credit), but cc debt is not bad IF you have a large open line of credit. They look at the amount of credit vs. debt in regards to revolving credit.

[Rangerscott]

My mother refinanced a couple years ago. I guess everything is good with them.

[Particle Man]

4.5 for 20 in this neck of the woods.

[anthonyk]

I'm about to refinance. I've heard rates down in the 3's for 15-yr mortgages as well. That's probably what I'll do, giving me about the same payment as the 30-yr I have right now.