If you are a homeowner, what is the interest rate on your loan??

tkkmasky · #1 (**permalink**) 10-06-2002, 09:39 PM

NOT asking how much your loan is for, just wanted to know rates and such, because mortgage rates are so low now, I think it would be neat to see who's got a really great deal! Or maybe help someone out who's thinking about refinancing!

We refinanced last winter, now kind of wish we had waited until now because rates are even lower, but overall I'm happy with what we got!!

Plus we got rid of our (stinking) PMI, saving another $75 a month.

We have a 15 year fixed mortgage, 6% interest. no points.

Used to have 30 year fixed with 7.75% interest.

sdlee · #2 (**permalink**) 10-07-2002, 12:10 PM

We refinanced last winter also. We have a 30 year fixed at 6.25%. I think we bought one point to get it that low though...

cata5 · #3 (**permalink**) 10-07-2002, 07:36 PM

Ours is a 15 yr at 7%. Thinking of refinancing...

We bought our former house in 1990 and our 30 yr was a whopping 10% !

Ttulipss · #4 (**permalink**) 10-07-2002, 08:06 PM

We just refinanced for a 30 yr. at 6-3/8% with 0 points. Our original loan on this house was a 30 yr. at 6-7/8% that just started in April. The day we signed docs, rates dropped again, but instead of dealing with a rate change, delays, new docs, etc., the bank lowered our closing costs. If they drop any more in the next 4-6 weeks, we may check into a streamline refinance which would not have any closing costs. Doubt they'll drop much more (if any) though.

Geete · #5 (**permalink**) 10-07-2002, 08:24 PM

We just refinanced last week. We had been at 7.5% and now we are at 5.3% with no points. We are thrilled!

tkkmasky · #6 (**permalink**) 10-07-2002, 09:03 PM

Quote:

Originally posted by Ttulipss
We just refinanced for a 30 yr. at 6-3/8% with 0 points. Our original loan on this house was a 30 yr. at 6-7/8% that just started in April. The day we signed docs, rates dropped again, but instead of dealing with a rate change, delays, new docs, etc., the bank lowered our closing costs. If they drop any more in the next 4-6 weeks, we may check into a streamline refinance which would not have any closing costs. Doubt they'll drop much more (if any) though.

What is a streamline refinance? Never heard of that!

tkkmasky · #7 (**permalink**) 10-07-2002, 09:05 PM

Quote:

Originally posted by Geete
We just refinanced last week. We had been at 7.5% and now we are at 5.3% with no points. We are thrilled!

Great deal!! I think you've got the best deal in this thread so far

Is it a 30 year? or less?

jersey_girl227 · #8 (**permalink**) 10-08-2002, 12:07 PM

Just bought a house. 6.25 no points.

asherman · #9 (**permalink**) 10-12-2002, 01:20 AM

I am buying a house (hopefully, of course we have hit some snags 1 1/2 months into it...) and the 30 year is 6 1/8%. There are a couple places that are a teeny bit lower (6%) but we are buying a handyman's sort of house that restricts the mortgage options.

Our last mortgage was 10%...WOW what a difference!

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telos2000 · #10 (**permalink**) 10-12-2002, 06:05 PM

I just did an equity out for 6.5% over 30 years with a 3% cap on all closing costs, fees and whatever. This is limited by law in Texas and is based on the amount of the loan. You are allowed to borrow equity up to 80% of the FMV of the house.

I had 6 years left on a 15 at 7% and owed only 1/3 of the FMV. So now I got a wad of dough to pay off cars, credit cards, do a QTP for my son, and a Roth IRA for me and the wife. And all that interest is tax deductable.

Ttulipss · #11 (**permalink**) 10-20-2002, 02:23 PM

Quote:

Originally posted by tkkmasky

What is a streamline refinance? Never heard of that!

I believe the bank just reworks the loan at the current rate on recent loans. Our bank said it would have to be within just a couple of months and there would be no additional closing costs.

tkkmasky · #12 (**permalink**) 10-20-2002, 09:10 PM

Ttulipss......thanks for the info, though I KNOW we don't qualify for that, too bad

dcumba99p · #13 (**permalink**) 11-16-2002, 10:55 PM

We had considered re-financing earlier in the year, but am glad we waited because my job moved me to a new city. We just bought with a 15-year fixed at 4.875. There were two discount points built in, but my employer paid those for me as part of my relocation package. Awesome rate, considering we were paying 8% on a 30-year fixed.

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