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Going to Try and Refi

February 3rd, 2009 at 03:17 pm

This is something we haven't yet done. Each time the numbers were crunched, it was not worth our while. This time the number crunching says it is worthwhile. I'm very nervous as I don't know the process. I did a prequal a little while ago with a big lender and will talk to them later today.

We have 10 years left on our loan (due to prepayment) and at the current rate, we can take the 30 year, prepay the difference we are saving, and pay the new loan off even earlier. The upside being that it will allow us to cut our cost of living substantially should we hit hard times in this economy.

Wish us luck- Feel free to offer any advice.

5 Responses to “Going to Try and Refi”

  1. kdmoffett25 Says:

    Good luck!!

  2. creditcardfree Says:

    Best wishes!

  3. KellyB Says:

    make very sure there is no prepayment penalty

  4. gamecock43 Says:

    I don't know the process either- I am no help.

  5. FrugalFish Says:

    Thanks for the good thoughts!

    KellyB- that was one of my first questions and also one of the reasons I wanted to go with a bigger, reputable lender.

    I did the application this morning and locked 4.8%, about which I am thrilled. Hopefully there won't be any problems encountered during the underwriting process- I can't see why there would be. Our new required payment will be less than half the current, and if we pay the P&I that we have been to the new loan, it will pay off 9 months earlier than our current loan. Since our loan to presumed value ratio is good, they aren't requiring an escrow account either. If all goes well with the process, I will be a very happy camper!

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