I'm thinking about looking into a refi, anybody done one recently?

Who did you work with?

I'm tempted to call Rock because of their Pistons sponsorship (maybe they'll give me some free tickets, lol).

Pros and cons of traditional fixed vs. interest only?

We have a fixed 30 year at 5.5% currently, but would like to free up some additional cash on a monthly basis.

I'm thinking about looking into a refi, anybody done one recently?

Who did you work with?

I'm tempted to call Rock because of their Pistons sponsorship (maybe they'll give me some free tickets, lol).

Pros and cons of traditional fixed vs. interest only?

We have a fixed 30 year at 5.5% currently, but would like to free up some additional cash on a monthly basis.
Never done a refi.

I have worked with Rock financial, almost. When we bought our home I checked all the major companies and got estimates. Rock was a little different. They MADE you pay 500 bucks as an application fee, which would only be taken out if you agreed to get the mortgage. I was leery of this policy since I just wanted a free estimate of what my rate would be. It seems fair, especially since every other company I called was willing to give me a rate on the phone. Why would I give you my CC number so you can take out the 500 bucks if I tell you to? Why can't I give you the CC # then? They wouldn't allow it. I reluctantly gave it to them because I thought they might have the best rate. 2 days later my account was minus 500 bucks. I called Rock and they said the guy wasn't supposed to withdraw it unless I filed an application. Well, they did. They agreed to return the money, but pleaded with me to still go with them. There is no way I wanted to borrow 175 K from someone that ripped me off.

I my be an isolated case, but who knows? My neighbor works for them and he's a nice guy, but I don't hang out with him enough to know whether they are shady there or not.

My loan is thru countrywide and I haven't had any problems two years in.

Glenn - I'm a loan officer and I would tell you that right now is not a good time to do a refi. Rates have gotten much better than they were 6 months ago, but they're still not great. I don't think we will ever see anything like 1998-2003 in terms of mortgage rates, but they still can get better.

If you do happen to do a refi, stay the hell away from the ARMs. Right now the yields market is very awkward: ARMs aren't much lower than the fixed right now (the 3/1 and 5/1 are pretty close to the 30 fixed, and the 7/1 and 10/1 are worse), so stick with the fixed. Plus with the market being so weird right now, once the ARMs are finished with their fixed rate, your rate would be terrible (near the 9% range).

I'd try and plug GMAC here, but your best bet is to shop. Don't be fooled by loan officers quoting a low rate at first, and then saying rates went up since you last called - it's an old trick that loan officers like to do to get your deals. Just watch the bonds market (10 year yield) and see what the current trend is.

Glenn - I'm a loan officer and I would tell you that right now is not a good time to do a refi. Rates have gotten much better than they were 6 months ago, but they're still not great. I don't think we will ever see anything like 1998-2003 in terms of mortgage rates, but they still can get better.

If you do happen to do a refi, stay the hell away from the ARMs. Right now the yields market is very awkward: ARMs aren't much lower than the fixed right now (the 3/1 and 5/1 are pretty close to the 30 fixed, and the 7/1 and 10/1 are worse), so stick with the fixed. Plus with the market being so weird right now, once the ARMs are finished with their fixed rate, your rate would be terrible (near the 9% range).

I'd try and plug GMAC here, but your best bet is to shop. Don't be fooled by loan officers quoting a low rate at first, and then saying rates went up since you last called - it's an old trick that loan officers like to do to get your deals. Just watch the bonds market (10 year yield) and see what the current trend is.

Wow, thanks a lot Mo.

I'd go the other way.
Over the course of the last three years, my wife and I paid off our house that she had purchased one year before we got married. I have a friend who paid off his house in eight years. Scratching and clawing, man, and does it feel good.
You have a great rate, and what are you going to do with that extra money? Invest it? Put it back into your house to knock off the principle?
Extra money? Tax deduction? Bullshit. Not having to sit down every month and write out a $1200.00 check is the way to go.
*Note: My wife and I were able to do it more quickly because we came into a small sum of money that helped alot, but when we considered what to do with that money, combining it with the rest of our funds and getting the mortgage paid off was a simple decision. It cleaned us out, and we're starting the savings account over from scratch, but baby, NO DEBT=FREEDOM!!!

I'd consider a second on the house with a rate like that on your first. A mortgage peep could weigh it for you exactly. Depending on balances, etc, a second might the better way to go. Or an equity line. Some peeps hate EL but I've always liked them...depending on the amount.

I'd consider a second on the house with a rate like that on your first. A mortgage peep could weigh it for you exactly. Depending on balances, etc, a second might the better way to go. Or an equity line. Some peeps hate EL but I've always liked them...depending on the amount.

I've made a few calls today and that looks like the way to go, Chief.

I thought we were friends???

Glenn, all I ask is:

FOR THE LOVE OF GOD, STAY AWAY FROM ROCK FINANCIAL AND DAVID HALL. I CAN'T BELIEVE HE'S ALLOWED TO LIE TIME AND TIME AGAIN ON TV AND THE RADIO.

Rock didn't rub me the right way once I got past the hot receptionist (who didn't rub me at all -- bitch!). They wanted to push more options at me than what I cared about. I just wanted to know what my credit scores (which I had in hand) gave me in the way of a 15-year fixed $100k loan, and had a hard time getting a straight answer, so I walked out. They never asked me for $500, or I'd have walked out sooner. :)

I bought at the right time, haven't felt any strong re-fi urges. I ended up going through some Flagstar reseller, because I knew someone associated with them at the time (not in the mortgage biz anymore) and was quoted what seemed to be a good rate at the time (5% for the above). Flagstar seems to do an ok (but not great) job of servicing my loan.

Still waiting for BigggChris' advice on this one.

Rock didn't rub me the right way once I got past the hot receptionist (who didn't rub me at all -- bitch!). They wanted to push more options at me than what I cared about. I just wanted to know what my credit scores (which I had in hand) gave me in the way of a 15-year fixed $100k loan, and had a hard time getting a straight answer, so I walked out. They never asked me for $500, or I'd have walked out sooner. :)

I bought at the right time, haven't felt any strong re-fi urges. I ended up going through some Flagstar reseller, because I knew someone associated with them at the time (not in the mortgage biz anymore) and was quoted what seemed to be a good rate at the time (5% for the above). Flagstar seems to do an ok (but not great) job of servicing my loan.

I know a guy who owns a couple Flagstars, I don't know how they handle their business but he makes a pretty good living.

Still waiting for BigggChris' advice on this one.

30% interest rate for 6 years and then it goes to 21% for the life of the loan.

THIRTY PERCENT INTEREST?
Don't they have a show about businesses like that?
Why yes, yes they do.
It's called "The Sopranos".