RE-FI

It sure did pay to shop around a little for a new mortgage co. I first talked to our mort.co.,wells fargo and he talked me into a deal of re-fi'ing with them for 30 yrs and including our little bit of debt at 5%. I was almost going to do it(somehow i rationalized in my mind we would get it paid down quicker). Well when we got the papers there was 6 k in closing costs. That rubbed me the wrong way. So I asked the good people here about re-fi'ing and decided to look around.

Got a fantastic deal. Shaved 4 yrs off,rolled a little debt(13k) into it and got 7/8 point less all with adding only hundred bucks to payment.
So in 20 years we'll own it free and clear and that pesky little 2nd line is gone! WOO HOO

On a side note, its super amazing how quickthe word gets out about us re-fi. We immediately got bombarded with snail mail and phone calls with people wanting to loan us money. I did find out from one guy it was probably the inquiry on our credit that triggered them all (our credit is impeccable,mortgage paid on 1st every month).Wells fargo loss. Be kinda funny if WF ends up with the loan as im sure it will get sold to someone.

Peace,JOHN

Did you tell wells fargo you were going to shop around once they hit you with the 6K in closing costs? If so, what was their reaction?

No, havent told them yet. Our deal isn't completely final yet so I'm not burning any bridges.

Congrats...It is a good feeling when something finally works out for the better, huh?
MIKE

It's good that you shopped around and got a better deal, but the second mortgage isn't gone. You'll still be paying on it for twenty years.

You also need to take into consideration how long you have been paying on the current mortgage. If it has only been a few years than majority of your payment is going towards interest still. If you have been paying for 15 - 20 years majority of your payment is now going towards principal and if you refi the amortization will reset and majority of your new payment will be going to interest again.....just food for thought.

I wish we had not refinanced.
Seemed like a good idea at the time.
But if you truly got a deal that will cost you less in the long run, good for you.