It’s been a crazy, crazy past couple of days. I found out Monday of last week that I would be traveling to Boston to represent my company at a trade show for molecular pathology. I had absolutely no time for blogging due to trade show obligations and catching up with college friends at my old stomping grounds. Now I have to get back on track with my schedule. Last week I was ahead of the game with blogging, but after that trip, I’m behind the game.
Refinancing my Mortgage
Before I left for Boston, I locked in a rate for refinancing my mortgage. Earlier I blogged about my refinancing prospects with my Wells Fargo representative. He wanted to get my break even point close to 12 months before refinancing. He said he would get back to me when the rate dropped to 5.375%. I received an email on Thursday letting me know the rates had dropped for a brief period and that I should give him a call. I called when I got back from work and after 30 minutes on the phone, I had everything set up to refinance my mortgage.
I found it very convenient to refinance through my current lender, Wells Fargo. The closing costs will be $1,600 with a rate of 5.375%. My new rate will save me $130 a month, which brings me to a 12 month break even point. Since I plan on staying at my condo for at least 5 years, this is a great deal. Additionally, the closing costs will be rolled into my new loan, so I don’t have to pay anything out of pocket. This will go a long way towards allowing me to reach my goals for 2009.
On Friday, I faxed over a few signed papers. I have to schedule an appraisal. Other than that, I will finalize in about 45 days and will be saving $130 a month on my mortgage payments in time for my June payment. Overall, this was a very pleasant experience. So much better than my experience with my original lender (who sold my mortgage to Wells Fargo). I strongly recommend discussing your refinancing options with your current lender, they were able to offer me the best deal and most likely won’t want to lose your interest payments. Is anyone else refinancing right now?
When I arrived in Boston on Saturday, it was raining. Sunday it was sunny and 60 degrees. Monday morning it was snowing. You have to love New England weather. I’ve never seen so many people so excited about cheap, free pens. People literally walked from exhibit to exhibit taking the free items without even looking at the exhibit. It was amazing.
- High Interest Rate Rewards Checking Account
- Understanding the Mortgage Amortization Schedule
- Deciding When To Refinance Your Mortgage
- End Of October Financial Status
- The Process of Purchasing a New Construction Condo