If you own a house…

amother

Mon, Apr 08 2024, 11:37 am

How much is your current interest rate, monthly mortgage and remaining loan amount? Has anyone refinanced and felt it was helpful in lowering the amount to pay?

amother

Mulberry

Mon, Apr 08 2024, 11:54 am

Yes we bought right before Covid. Refinanced when the rates went down to 3%
Baruch hashem!

amother

DarkRed

Mon, Apr 08 2024, 11:56 am

We bought 10 years ago and had 4.25% rate. We refinanced when the rates were low to 2.75% and our payment went down 1k a month.

amother

Amber

Mon, Apr 08 2024, 11:57 am

amother OP wrote:

How much is your current interest rate, monthly mortgage and remaining loan amount? Has anyone refinanced and felt it was helpful in lowering the amount to pay?

No mortgage currently but when we did have one, we bought years ago with PMI and an 5.25% interest rate. We did refinance it and got rid of PMI and had a lower rate of 3.75 and much more manageable monthly payments. If I remember correctly, we were paying about 2,900 a month at the higher rate (including PMI, property tax and insurance with the mortgage payments) and after refinance, about 2,250. It was definitely worth doing in our case. We sold that house about a year later though.

Ima03

Mon, Apr 08 2024, 1:52 pm

We bought 8 years ago when the rates were relatively low. We refinanced during covid to 2.75%. Our mortgage + taxes +insurance is between $1400 and $1500. We actually pay a bit more per month since we refinanced, because we also shaved 5 years off our loan.

amother

Dustypink

Mon, Apr 08 2024, 1:56 pm

amother DarkRed wrote:

We bought 10 years ago and had 4.25% rate. We refinanced when the rates were low to 2.75% and our payment went down 1k a month.

I wish I refinanced when it was that cheap. We're still at 4.5
Somehow every time we looked into it, we couldn't get it that cheap!

amother

Tulip

Mon, Apr 08 2024, 2:15 pm

Bought 20 years ago. Refinanced when rates were < 3%.
Problem isn’t the mortgage. The property tax is the killer.

amother

Wallflower

Mon, Apr 08 2024, 2:19 pm

We bought a year ago we had to put tons down to not get a jumbo loan. Like 6 percent I think

amother

Trillium

Mon, Apr 08 2024, 2:29 pm

We bought last year with a rate of 5.6% Our mtg is quite high on a small house 3.5k monthly. Really hoping we'll be able to bring down our mtg when rates drop. Right now I'm thankful that I bought at 5.6 instead of the 7% rates I'm hearing about now. Our mtg. is definitely making us feel 'poor.'

amother

Copper

Mon, Apr 08 2024, 4:56 pm

amother Trillium wrote:

yeah 5.6 sounds good considering where we are at now. we bought recently. also really hoping rates come down

amother

Aster

Mon, Apr 08 2024, 5:59 pm

4.75%

Bought post COVID low rates. Paid extra to buy down the max amt of points

Around 280k left. But high property taxes.

amother

Black

Mon, Apr 08 2024, 8:50 pm

We bought about a small house about a year ago. 6% interest, 425k-450k mortgage, $3,500 monthly mortgage.
Nothing frustrates me more than how we're paying so much for a small house when so many others pay so much less for larger houses.

amother

Indigo

Mon, Apr 08 2024, 9:02 pm

Bought 11.5 years ago.

Rate was 3.5%/30 years. $1500 a month

Refinanced to 2.5%/15 years when we were at year 7 of our mortgage. 2000 a month

Still owe 170k on house. 11.5 years left on the mortgage.

amother

Vermilion

Mon, Apr 08 2024, 9:19 pm

amother Wallflower wrote:

We bought a year ago we had to put tons down to not get a jumbo loan. Like 6 percent I think

6 percent is called putting down a ton? We had to put 20%, and I thought that's standard. We got it at 2.865 rate, so we'll likely never refinance. We still have over 20 yrs to go.

ETA unless you meant your rate was 6%? Lol

amother

Trillium

Mon, Apr 08 2024, 10:55 pm

amother Black wrote:

We're in the same boat! Key is to focus on gratitude that you were able to buy a house as opposed to thinking about others. Besides Hashem controls our finances! To Him 1500 is the same as 3500. But I understand your frustrations....

amother

Royalblue

Mon, Apr 08 2024, 11:04 pm

Bought 10 years ago at 4.125%
Refinanced bh right when rates stared going up again at 3.875%. I actually work in the mortgage field but it didn't make sense until then. Bh I was able to do it then and pull out some money.

amother

Powderblue

Mon, Apr 08 2024, 11:24 pm

We bought 18 years ago with a 30 yr loan. We refinanced twice when rates went down. Once we lowered our payments but it was a new 30 yr loan. Next time we kept payments the same but shaved some years off our mortgage to go back to 30 yrs from when we originally bought. I guess that means we have 12 years left. I don't know how ppl afford houses now. I mean salary was peanuts 20 years ago but still housing is really high and I feel for the ppl house hunting

amother

Snowflake

Tue, Apr 09 2024, 12:15 am

We bought our second home last year ( worst time to buy I know) in a very expensive in town area. We put down about 400k on a million dollar home, interest rate was about 6 percent im guessing. Our monthly payment is just over 5k. I’m dreaming of refinancing one day…