Comments on: Poll: Are You Thinking About Refinancing Your Mortgage?

By: Financial Samurai

Financial Samurai — Sat, 31 Jul 2010 03:29:55 +0000

Currently refinancing now to a 5/1 amortizing ARM at 3.625%.

Free money!

By: Republic Monetary Exchange

Republic Monetary Exchange — Fri, 30 Jul 2010 17:12:37 +0000

My house has gone down in value by about $100k so I’m nervous to try and refinance even though the rates are great. I had an independent appraisal done and they suggested I wait until my value increases. In my neighborhood there are about 15 houses in foreclosure so that’s killing my value. It’s very frustrating!

By: Jen

Jen — Fri, 30 Jul 2010 14:45:07 +0000

@Amy – Yes, you do most of the time. When I refinanced in late 2008 the bank sent an appraiser to recalculate the value. My home lost value, but not enough to create a PMI situation or cause problems with my loan. It sounds like you’re on the edge, though. You might be able to get your own appraisal done before refinancing, but that’s no guarantee the bank’s appraiser will find the same value.

By: Amy

Amy — Thu, 29 Jul 2010 14:07:47 +0000

We refinanced about 2 years ago, combining our 1st and 2nd mortgage into a 15yr mortgage at 6.75%. Right now we have about 22% equity in our home so we don’t have PMI which is nice. We’ve thought about refinancing but are worried that you have to have another assessment done on the house and it might bring the value down from about 2 years ago. We have excellent credit scores so I imagine we could get a 4.5% pretty easily on a new 15yr mortgage.

Do you know if you have to do another assessment when you refinance?

By: Steve @ Free Business Cards

Steve @ Free Business Cards — Thu, 29 Jul 2010 02:33:30 +0000

The rates are great right now but getting qualified is not easy. I tried to refinance with the company that holds the 2nd on my home. They didn’t want to get into the first position because the debt to income was below 75%.

By: Credit Girl

Credit Girl — Wed, 28 Jul 2010 20:05:25 +0000

We’re refinancing our house right now. For us, it was the right thing to do because we needed a better interest rate and we got that so it served us well.