Right now I have an outstanding mortgage of $213,000 on the house, at a 30 year term fixed rate of 6.7%, no points, no nothing....monthly payment of $1900.

Any tips on getting a better finance rate and monthly payment. I'm looking to get my payment down to $1200 to $1400 range.....and an APR of 5.875% (give or a take a little).

So far, I've gotten an opportunity to refi the loan to a 15 year term at a fixed rate of 5.82%, no points, with a monthly payment of $1700. Good deal?

 

Luder,

We just refinanced in the same size area as you're in, got 6 3/8% 30 year fixed for free from mortgagebot.com - no closing costs at all, everything was rebated. Had we wanted to pay points we could've gotten down to near 6% but it would've cost a couple grand in closing. I'm sure you know the deal, if you're gonna be in the house awhile it may be worth it to pay it down some but I think generally you should be able to make up points in reduced payments in 2-3 years tops. A 15year at 5.82% sounds pretty damn good to me, that's about what mortgagebot was at. I'm sure there are better rates (than we got on our 30 year) out there but I like how easy they are and I'm not escrowing anything - no taxes no insurance so that was a factor as well.

I read an article yesterday talking about how rates should stay low pretty much through the end of the year. Of course a few weeks ago everyone was convinced they had bottomed out and would bounce over 7% for 30 year fixed and stablize there. So, basically, noone knows what the hell is going on!!

 

RU,

If you don't mind me asking, what lender did you refinance with....right now I'm with Washington Mutual. I was wondering which of the lenders out there are willing to "negotiate" the better rates.

Thanks again.