- Oct 9, 1999
- 8,623
- 33
- 91
Weird, I thought mortgage rates were over 6% I just got pre-approved for 5.125%+3 or 5.3+.91/30yr, from my own bank which is also the current mortgage holder (BofA)
I plan on staying where I am for the forseeable future, been here ten years so far and my home has gone up 5x in value :shocked:
A while ago I refinanced from an arm to fixed at 5.7% for 20 years, lately I have been wondering why I did that, I dont need to pay off the mortgage and I have a shitload of equity just sitting there, so I decided to tap 10% of the equity and refi to 30 years at 5.3
I really just went to see where the rates were, I figured they would be over 6% but was very pleasantly surprised to see how low they were.
Closing costs on the 5.1 were around $6600 and for 5.3 were $3600 a difference of about $20.00/month on the payment
I plan on staying where I am for the forseeable future, been here ten years so far and my home has gone up 5x in value :shocked:
A while ago I refinanced from an arm to fixed at 5.7% for 20 years, lately I have been wondering why I did that, I dont need to pay off the mortgage and I have a shitload of equity just sitting there, so I decided to tap 10% of the equity and refi to 30 years at 5.3
I really just went to see where the rates were, I figured they would be over 6% but was very pleasantly surprised to see how low they were.
Closing costs on the 5.1 were around $6600 and for 5.3 were $3600 a difference of about $20.00/month on the payment
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