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About to refinance to a 15 year mortgage

November 25th, 2015 at 07:05 pm

We are currently in a 2yr ARM at 4.75% (26 years left) at our local credit union.

We are thinking about refinancing with Wells Fargo:
15 year fixed rate at 3.375% before the Feds announce a possible increase in December.
I talked them down to $700 in fees (appraisal fee, credit report, origination fee, etc). They originally quoted me $1,266 in fees so this saves me a bit of money. The remaining legal stuff will have to be paid as well when I choose my closing attorney.

Anything else I should worry about or consider before we actually go through with this? I've never done a refinance before (just purchase mortgages).

7 Responses to “About to refinance to a 15 year mortgage”

  1. Xtreme Thunder Says:

    Is that your only quote? What are the rates through your current CU? Just checked my CU here in NY and they want 3.250% Rate (3.281% APR) for a 15 year conventional, no points. I'd research a few options, if you haven't already.

  2. Xtreme Thunder Says:

    Edit to Previous Post: Ahh, it appears I read your original post as 3.750% rather than what was written at 3.375%!! Anyway, I'd still poke around at a few places, but not bad, personally.

    I tried to edit my previous post, two times, but the edit does not show up for me!

  3. all4money Says:

    Xtreme Thunder, hi, and thanks for the reply. I received quotes from 2 different banks and both were at 3.375%. The CU is higher at 4.50% for a 15 year fixed (they push the ARMS much more).

  4. Xtreme Thunder Says:

    Sounds like you did your homework, I've never refinanced either, and look to possibly at the end of 2016 or early 2017, all depending on where rates are during those times! Good luck, sounds like it should be smooth. Only thing I see potentially would be appraisal, but if you have sufficient equity, should be fine. If not, money at closing on your part would be required for the most likely 20% equity on the loan.

  5. Kiki Says:

    While the rate drops what does it do to your total payment?

  6. Bluebird Says:

    Make sure there are no penalties for paying the loan off early.

  7. snafu Says:

    I'd ask loans officer at current CU if they'll meet the current offer you have from WF. Has potential to save a lot of running around at this busy time of year.

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