Interest Rates and Refinancing

[Avista]

With interest rates dropping, has anyone refinanced their home. If so, what kind of interest rate did you get. We are doing research now.

[Becky]

Just did about a month ago. Went from 6.875 bought in June 07 to 4.875. Both times went through Citizens Mortgage. Very easy.

Becky

[under55]

If its not to much trouble can you look at your re-fi documents and tell me what the closing cost were? We also have our current mortgage with citizens.

[GMONEY]

did mine with Wells Fargo, got 4.25 last week. It is now back up to 4.875. the way the market is tumbling again, it will drop.

[Muncle]

Just did about a month ago. Went from 6.875 bought in June 07 to 4.875. Both times went through Citizens Mortgage. Very easy.

Becky


Becky, what kind of closing costs/points did they hit you with? I hear a lot of refis are getting so high closing costs, but didn't know about Citizens.






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[Becky]

Closing costs were $5500. No points.

Becky

[Ohiogirl]

Am guessing the $5500 included prepaids (mortgage interest, taxes and insurance)?

Depends also on the loan amt, but I was just quoted (last week) by Citizens' a 15 yr rate of 4.625% with 1/8 pt., closing costs around $3,000 (plus prepaids).

4.25% is an awesome rate, especially if no points and no loan broker's fee, but I can live with 4.625% (especially having been relocated several times in the 80s, when 11% looked really good (and our worst was 17%)

[Avista]

The best rates we have found so far for 15 years are 4.25 and 1 point $2895 closing costs at Insight Credit Union or 4.5 zero points and $2135 closing costs.

[texasfal]

We are in the process with Community Bank. As I type this, the appraiser is outise my house measuring. We locked in 4.5 with no point and closing costs of $4900.