Interest Rates and Refinancing
 

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

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

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.

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.

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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Closing costs were $5500. No points.

Becky

closing costs
 

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%)

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.

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.