Re-financing our home

My2Beauties wrote: Wow, we contacted our mortgage company and if we re-finance our rate will be 4.875%, we're currently at 6.75% and we'll only have to pay $350.00 I am so excited. That's nearly 2 percentage points.....yippee!

luvmykids replied: Wow, that would be awesome! I had no idea anybody could get refinanced right now, go for it!

coasterqueen replied: Wow, that is awesome! I'd LOVE LOVE to only pay $350 a month. Is yours a 30 year?

We went from a 30 to a 15 a few years ago, so we'd be done paying by the time the girls started highschool/college and it only cost us $100 extra a month to do that.

We just refinanced again last month (still 15 year) to get the lower % rate.

MommyToAshley replied: How awesome! That's a great finance rate!

We refinanced shortly after our original loan and went from a 30-year to a 15-year loan. Our payments barely went up and now we have less than 5 years to pay on our mortgage. It was the best move we ever made.

A&A'smommy replied: wow that is awesome!!!

Kaitlin'smom replied: wow that is awesome.

DVFlyer replied: We just refinanced and went from 6% to 4.375% (by paying points). We'll be saving $340/mo.

Maddie&EthansMom replied:
I think she meant $350 in closing costs.

LeaAnn that's awesome! Definitely take advantage of it!!

coasterqueen replied:
Ok, just call me crazy! I read it wrong.

MoonMama replied: Wow that's awesome!

redchief replied: That's one of the reasons I'm busting to get his house done. I want to take advantage of a lower interest rate, too. They won't give it to me without getting things all closed up and livable though!

HuskerMom replied: Good for you!

My2Beauties replied: Thanks everyone, we'll be saving about $200 per month total I believe he said, I haven't gotten onto a website and done the amoritization myself I'm just going on what he said but I'm so happy. Anyone who hasn't been in your home very long (I'd say less than 5 years or so) I'd take a gander at the mortgage companies in your area or online, the rates are soooooooo low right now. We've only been here 2 years so it's going to be awesome for us.

lovemy2 replied: Yep lower rates for sure and if you plan on staying in your home for a long time then its worth the closing costs - which normally run $3000-$5000 - sometimes more depending on the time of year with taxes, etc. So if you are staying in your home for awhile even if you have refinanced recently its worth its weight in gold - DH and I just refinanced a year and a half ago - we are staying put so it would be worth forking out the bucks now cause in the long run we would be ahead and probably knock a 30 year to 15......make sure whatever you do you have realiable mortgage broker not a banker not one bank but a broker who works with many banks.....