Changes to Fred/Fran Mac Finance

[CNTLOSE]

I thought I would pass this info on incase it could help anyone. I have Countrywide as my mortgage holder. I called them to see what they could do because of the low intrest rates currently. Fred/Fran Mac have a program if you have good credit, paid on time for the last 12 months, and have lived in your home two years, and are currently a customer of either, you can do a loan modification. With minimal closing cost I was able to cut my house payment $300 a month! Still a traditional 30 year loan and no hidden baloon payments or any of that crap.

Hope this might help someone...I know it will help us out!

[mustangboy]

You should have checked into going to a 20yr note. We went 20 then 15 and depending how rates go may drop to 10 before too long. I know when we went from 30yr to 20 it instantly save us 100k in interest and then another 30k when going down to 15yr. Just something to look into as well.

[cstreu1026]

I am refinancing my house right now. We are going to to a 15 year loan from a 30. With the money we have paid on the principal of the original note, the 2 & interest rate drop, and shorter term we are going to be saving a fortune.

[Black92LX]

Can't beat it. Now is the time to refinance no doubt. We just closed our refinance last week.
Down to 5% from 6.5% saving us a little over 200 a month and closing only cost $1200.

Can't beat the extra money.

[Gearhead]

I thought I would pass this info on incase it could help anyone. I have Countrywide as my mortgage holder. I called them to see what they could do because of the low intrest rates currently. Fred/Fran Mac have a program if you have good credit, paid on time for the last 12 months, and have lived in your home two years, and are currently a customer of either, you can do a loan modification. With minimal closing cost I was able to cut my house payment $300 a month! Still a traditional 30 year loan and no hidden baloon payments or any of that crap.

Hope this might help someone...I know it will help us out!

I've got Countrywide as well. What kind of interest rate did you get ??

[cstreu1026]

I am getting 4.85% on my 15 year and only $250 in closing costs.

[beefcake]

i just did a refi from 7.24 on my first and 9.54 on my 2nd to 1 loan at 5%

i've got pmi now for about 10 years (prob less as i'll pay more on principal) and still saving about 400 per month

once the pmi drops off thats another $145 :)

[cstreu1026]

Holy Crap....and I thought we were paying a lot at 6.85%.

[Timido]

I am refinancing to 4.85 15 year.

[CNTLOSE]

I've got Countrywide as well. What kind of interest rate did you get ??

I ended up with 5.125, and could have went lower, but closing cost were a little higher. I will have to call the lady back and see about the 15 year deal and see what that rate is. As is for 30 years we save over the life of the loan just under 100k...so if I can save more with the 15 or 20 year I am all for that.

[NUTTSGT]

Nothing wrong with a refinance and cutting the payment and/or length of the loan.

[Katmandu]

Who are you guys dealing with in getting those LOW closing costs ?

[Gearhead]

Who are you guys dealing with in getting those LOW closing costs ?

I think Union Savings Bank and Guardian are usually fairly low...

[cstreu1026]

Who are you guys dealing with in getting those LOW closing costs ?

Union Savings Bank.

[Timido]

Guardian Savings. $350 closing costs

[Black92LX]

Who are you guys dealing with in getting those LOW closing costs ?

5/3 Bank

[Katmandu]

Guardian Savings. $350 closing costsDamn!

I had a dude trying to sucker me for $5000! :lol: I was like.... :flipoff:

You guys have any Contact info for the Loan Officers you dealt with ? I'm sure they'll throw a bone or 2 back your way. :cool2: