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Mortgage Shopping

January 18th, 2009 at 04:35 pm

Spent the afternoon trying to check out 10-year fixed rates for refinancing my mortgage.

We currently owe about $180k, on a 15-year fixed at 4 5/8%. That rate is so ridicuously low that I figured I would be hard pressed to beat it. Also, we're scheduled to pay it off in July 2018, which is only about 9.5 years instead of 10.

10-yr fixed rates are not hat easy to find (not as popular as the 15- and 30-year fixed). According to Bankrate, the average in NJ is 4.97%, and the lowest reported rate is 4.25%. I ran those numbers and it would drop my rate from $2005/month to $1906 (4.97%) or $1844/month (4.25%), not including any fees, closing costs, etc.

So it doesn't look like it'll be worth it for me to refinance. I don't want to extend the term unless the savings are significant, because I want this paid off sooner, not later. Also, with hubby now self-employed, I don't know that we'll qualify for the best rates. Either way, it's worth it for me to make the call to a few different banks next week, get exact rates and run the numbers for sure.

Speaking of different banks, I received a post card from PNC bank yesterday. They recently opened up a branch in my town and are offering a $150 sign up bonus if you open a checking account with direct deposit. For anyone who followed my blog a while back, I pursued these types of deals pretty aggressively, with great results. I'm thinking of doing it again. I haven't had a PNC bank account for a few years so I should qualify as a "new" customer that would be eligible. That's a pretty good bonus - I've never seen more than $100 just for opening, and usually they're more like $25 or $50.

Other good news from yesterday: I got a $7.98 check in the mail from Rite Aid for their November rebate program that I completely forgot about. Not a bad surprise!

Today was a no-spend day. We had a great day lounging around the house watching football. Cooked a crock-pot meal that was phenomenal. Great day all around...

1 Responses to “Mortgage Shopping”

  1. frugaltexan75 Says:

    I do love those opening account bonuses! $150 is more than I've seen as well - though I did see one once for $125.

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