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I refinanced 1 year ago dropping from 6.9% to 3.6% with 25 years remaining on my mortgage. I dropped it down to a 15 year loan and the payments only went up around $40-60. I recouped the fees in less than a year and was caught up to where the previous mortgage balance would have been in 12 months. It cut the interest I was paying per year from around $10k to around $5k.
I had to use the HARP program because I bought in 2007 and lost half the value of my house. I'm not too concerned about the value because I plan to live in the house until I retire in 20+ years. It will be paid off by then and who knows what housing values will be then.
I feel refinancing was the best thing I have ever done. I'll be ahead for the next 24 years.
I have lived in this dump for 15 years, my wife wouldn't sell, I would rather a nice army tent and live in the woods.
But the racketeer lenders kept me at odds.
I paid 160k 1997 and last week I refinanced $157k @ 2 percent. I started at 8 percent, racketeers bumped me to 13%, 10%,
8 percent, 6 percent, 4 percent and now I'm at 2 percent. This has been over the 15 year span with values from 196k, 400k,
720k, 298k and now at 305k. Since the economy took a dump , no jobs, and insurance, water, electric, telephone, cable has more than doubled in cost, it has been a juggling act. Many left their homes, walked away, short sell, foreclosed, sold , but I stayed.
Where could I go, I live on the Gulf of Mexico, dolphins play in my back yard, its green all year round, swim in my Olympic pool,
park my car in a garage, have my office in my home and my house payment is only $640.00 per month