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Mortgage Refinanced for the 2nd time

February 24th, 2011 at 11:12 am

I've only owned the house for 4.5 years now, and I've already refi-ed twice. The house price has dropped by 17% so far.

My initial mortgage was 30 yr fixed rate @7.00%.

My last mortgage was 15 yr fixed rate @5.50%.

My current mortgage is 15 yr fixed rate @4.25%.

Total cost of financing this time around was about $1200. My payments will drop by $213/mo while extending the mortgage by 24 payments. Good deal or bad deal, what do you think?

1 Responses to “Mortgage Refinanced for the 2nd time”

  1. MonkeyMama Says:

    Sounds like a good deal. I've refied 4 times the last decade? & looked into it again this year.

    Our first mortgage rate? Over 8% in 1999. Current rate 4.875%.

    Breakeven has always been lightning fast with the $200/month savings. Closing costs seem rather moot with dramatic drops in interest rates. We have refied every 1% drop down.

    Of course, I believed both the last 2 refis would be the LAST REFI ever. Can't believe we are looking at a potential 4% rate (for 30 years). If I had a crystal ball, waiting to 4%-ish would have been better than refancing 2-3 times. But no crystal ball, so it is what it is.

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