I noticed that, for once, rates at SDCCU are actually competitive with the rest of the market. I’m seriously considering refinancing. I bailed on refinancing last year because right when I started looking rates started going up.
My first is at 5.875% and my second is at 7.25% for a blended rate of 6.15%.
I’ve been in my house about 7 years. Although I hate the idea of taking out a new 30 year loan, I figure that at 30 year loan rates my payment would be less than my current first and I could keep paying the same amount. That gives me some breathing room if I ever decide to move and rent this place out as I’d almost be in the black (less property taxes) on the payment.[/quote]
(I briefly worked for a publicly financed company once upon a time…Yeah, yeah I know….Despite all my ranting against public sector jobs….But seriously, I could tell the difference between work/life in the public versus private sector)
I know what you mean by restarting on a 30year. Originally, I was in about year 6 on my 30 year.
One thing to consider if you don’t want to restart a 30year is to see if you can do a 20 year…I was considering that,but then ended up biting the bullet and just do a 15 conforming…It’s not like cash reserved to be liquid for the home mortgage is earning that much interest for me now anyway 🙂
Some things to note:
1)I did not need to have my 2009 taxes done, since I had sufficient income on W-2 alone to qualify (the non W-2 stuff didn’t need to added). Needed to provide proof of 2009 estimated tax filing
2)Needed two months of bank statements and two months worth of statements from assets to cover existing loan paydown (I’m going from jumbo to conforming)
3)Needed two months of 401k/retirement statements
4)Needed 2008 tax return
5)Needed two months of pay stub on W-2
6)Proof of home owners insurance (duh!)
7) Credit check on across 3 bureau’s. Mine came out to be about 817 on average.
I was able to lock pretty quickly, which probably means my broker made a killing on me 🙂
If rates fall significantly in the next 30 day or so, I’m out the appraisal and credit check fee if I go with someone else.
If anyone got a better rate, please post. I really want to know how much I got screwed 🙂
