-------------------- SLP#3579 LE#1533 A pair of 35th Anny drinking chairs. Every thing else is just "Fluff" Rio Grande "Swim" Coach Posts: 3091 | From: Canton Mi. | Registered: Oct 2002
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I recently switched my home equity line of credit from Wells Fargo to Schwab bank. Variable interest rate went from 5% to 3.25%. Should save me about $100 per month in interest. New rate is 3/4% below prime.
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Last summer - got in at 5 3/8% on a 30 year fixed.
Posts: 1907 | From: I hope I'm not repeating myself. Again. And Again. Stop picking on me! Waaahhh!! | Registered: Feb 2000
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quote:Originally posted by Y2KSS1363: I recently switched my home equity line of credit from Wells Fargo to Schwab bank. Variable interest rate went from 5% to 3.25%. Should save me about $100 per month in interest. New rate is 3/4% below prime.
Re doing the equity also. 1/4 below prime now hopefully we can get to 3/4 also .
Posts: 3091 | From: Canton Mi. | Registered: Oct 2002
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We're in the process. Kinda holding out for a little better rate. Looking to get 4.5 for 15yrs. Best our broker has right now is 4.625, but she said things were heading the right direction.
Posts: 50 | From: Annapolis,MD | Registered: Aug 2003
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I did mine las fall too Dropped the interest 2.5 points and cut the term from 30 to 15 years for a very slightly higher payment.
-------------------- Tom Mackesy 98-SS #2365 With Stuff and things!! One of these days I'll learn to drive it!! Posts: 1632 | From: Rindge NH, formerly Boylston MA | Registered: Feb 2000
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quote:Originally posted by 10thhawk103: We're in the process. Kinda holding out for a little better rate. Looking to get 4.5 for 15yrs. Best our broker has right now is 4.625, but she said things were heading the right direction.
Just be cautious nobody can predict what will happen. I said the same thing 1 1/2 years ago and they went up. This time we dragged our feet and they went down. Hope they go your way.
-------------------- SLP#3579 LE#1533 A pair of 35th Anny drinking chairs. Every thing else is just "Fluff" Rio Grande "Swim" Coach Posts: 3091 | From: Canton Mi. | Registered: Oct 2002
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A hijacking is a hijacking, be it welcome or not. Just making an observation.
Posts: 82 | From: The closet at the end of the hall | Registered: Aug 2003
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Got a call yesterday and the apraiser wants to go through the inside. 1st time I've ever seen this but it will give me a chance to see what he will apraise it for. I'm hoping for over $400K as that will give me 3/4 % below prime on the equity.
Posts: 3091 | From: Canton Mi. | Registered: Oct 2002
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I've only got 6 years left at 7%, so I'm not sure it would be worth it. I was at 10.5% until the early 1990's, when I refinanced. I've been paying $25 to $50 extra over the monthly payment (about $380) since the begining of the loan in 1979. Maybe I'll have the bank run some numbers for me.
Posts: 641 | From: northern Delaware | Registered: Jul 2002
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Watch out for shady lender practices. I just got the payoff documents today and a $500 termination fee was tacked onto the balance. A phone call to the bank resulted in the fee being removed, but I'd guess lots of folks would not even notice.
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Should not have any problems with the lender . Going through the same one as I have now and have delt with them for years.
-------------------- SLP#3579 LE#1533 A pair of 35th Anny drinking chairs. Every thing else is just "Fluff" Rio Grande "Swim" Coach Posts: 3091 | From: Canton Mi. | Registered: Oct 2002
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![[Cool]](cool.gif)
. Along with another equity upgrade. Figure the mortgage should be paid up about the time I can retire ![[Big Grin]](biggrin.gif)
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