Refinancing Mortgage

Published January 19, 2012 by Sara

I stopped in the bank to make a deposit and the teller made a suggestion to me about refinancing my mortgage and that the APR is 3.8%. Say what?! So I talked with a mortgage officer and we are getting the ball moving, we should close on this towards the end of March. I am just a little bummed my PMI went up for my FHA loan, BUT I am still saving money.

When the teller originally suggested this to me. I was worried how long it would take. He said less than 5 minutes. And it was. I am impressed. Which it’s sad how some people don’t know this can be done at ANY bank, being as THEY want your business.

And the upside to the drop, is this way I can toss some extra money to escrow. My plan is to have it paid off before the end of the year, so this is one less payment taken off our mortgage. Which I need to see if they will let me over pay, being as I would like to carry that over to the next year and would love to to be ahead a year on escrow. Not even sure if this will work, will find on as I go along. And I will be able to pay extra to the principal as well. I normally only do $10-$20, but that little bit helps. 🙂

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