anybody refi there house, recently?

[derf]

Originally Posted by 101lifts2

I was in the same boat...until I short sold the condo. But...you are really not that upside down. 30% isn't all too bad.

it was on the market for 18 months, now I have a tennant in there. At one point I was ready to walk away from the loan and just call it a day.

Originally Posted by Gas Man

per wifey..

she has rates of 3.5% for 15 yr mortgages.

wait? what? she does loans? tell her to give me a call

[101lifts2]

Originally Posted by fasternyou929

It's scary how little many adults know about credit/finances.

Refinancing will not hurt your credit; it simply replaces your old mortgage with a new one, written with better terms (unless you're really being taken to the cleaners ).

The only argument to support it "hurting your credit" (and it's a stupid one because the effect would be negligable) would be your credit report would show a recent inquiry.

This is true unless you are taking out a home equilty loan. Then...this is lumped into the revolving credit bucket. This loan is usually much higher than credit card limits.

[Particle Man]

4.5 for 20 in this neck of the woods.

[101lifts2]

Originally Posted by derf

it was on the market for 18 months, now I have a tennant in there. At one point I was ready to walk away from the loan and just call it a day...

Well....I wouldn't have walked away with only 30k in the red.

[derf]

Originally Posted by 101lifts2

Well....I wouldn't have walked away with only 30k in the red.

at the time I had moved out of the house and couldnt afford 2 house payments, I didnt really have a choice, then a tennant came along

[anthonyk]

I'm about to refinance. I've heard rates down in the 3's for 15-yr mortgages as well. That's probably what I'll do, giving me about the same payment as the 30-yr I have right now.

[Captain Morgan]

refi'd mine a few months ago. Got 4.25% on a 15 year fixed. Was previously at 6.875% on 30 year. My payment only went up $30 per month by going from 30 (had 28 years left) to 15 years.

[RACER X]

Just hd dinner w friends and they were in the middle of refi, both had credit scores in the high 700s and 1 of them working and could only get 4.5 for 20 yrs, so what would it take to get a 3.5? 800s?

[anthonyk]

Originally Posted by RACER X

Just hd dinner w friends and they were in the middle of refi, both had credit scores in the high 700s and 1 of them working and could only get 4.5 for 20 yrs, so what would it take to get a 3.5? 800s?

Probably more important than the credit score is the move from 20 to 15 years.

[fasternyou929]

Originally Posted by 101lifts2

This is true unless you are taking out a home equilty loan. Then...this is lumped into the revolving credit bucket. This loan is usually much higher than credit card limits.

Taking out a massive car loan or skipping a few payments will lower your borrowing power too, but that wasn't the question posed. It was specific to refinancing.