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Lock That Rate

January 30th, 2008 at 07:18 am

Today I went to the mortgage lady, and I got my rate locked in at 5.5% for a 15 yr mortgage. As it stands I'm going from:

30yr 6.75% ---- $908/mo
to
15yr 5.50% ---- $1119/mo

Which means in 3 years I will be paying less interest than principal! I wasn't sure whether I should wait for rates to drop. But I decided that I wasn't going to risk the rates going up again. Besides, since I'm at a credit union they allow my to lock in a lower rate for 60 days for just $100. The best thing of all, the refinancing cost me only $700! I love credit unions! Here's to saving $160 a months. Cheers!

3 Responses to “Lock That Rate”

  1. Lylic Says:

    That is fantastic news! Way to go on locking in a great rate.

  2. Ima saver Says:

    Good for you!!

  3. monkeymama Says:

    Yay!!!


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