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Refinancing?

April 20th, 2012 at 06:31 am

Today I convinced The Husband to call to get some info about refinancing the mortgage. He made the first phone call, at least, although we might not really get anywhere.

We bought our current house and the top of the market. I know. Ugh. It was a price we could afford, it was reasonable at the time, and it was a conservative purchase considering the other options at the time.

Now, however, we probably couldn't sell it for $120,000 less than what we paid. Ouch. It's always been our plan to pay off the mortgage as fast as possible, and we're continuing with that goal. But we are also debating moving to be closer to our jobs, and wondering what to do. If we move closer to The Husband's job, we could save a lot of money on commuting. A LOT. (Amtrak tickets, BART tickets, gas...) Currently, we're thinking we would just continue with the plan to pay it off and rent it, but we will see.

At this point, with no firm plans, I would be happy to get even a small reduction in the interest rate.

3 Responses to “Refinancing?”

  1. creditcardfree Says:
    1334923397

    We bought at the height of the market too. Since we are in the midwest our price fluctuations are not as big, but the house is listed for just under what we bought it for. And likely to sell for less than list.

    Good luck figuring it all out.

  2. Petunia 100 Says:
    1334943514

    Are you eligible for Harp 2?

    A few months ago, when my lender's rate for a 30 year fixed conventional loan was at 3.875%, I was offered:

    1. 4.625% for 30 yr fixed, about 3k in fees.

    2. 4.375% for 30 yr fixed, about 3k in fees + appraisal, new loan amount for 125% of appraised value.

    It might be worth it, depending upon what your interest rate is now.

  3. Swimgirl Says:
    1334964107

    I don't think we're eligible for that. We're not technically underwater, because we put tons down... and though most of our payments have gone toward interest, we've been here six years and made some extra payments. But it just gets me that the price has dropped so much! I did a little more research today... Zillow is not that accurate for our town, but it is a place to start, and it quoted $166,000 below our purchase price. But it's still above what we owe. Barely.

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