To finally get to the point - interest rates are sick low right now - lowest in history! The mortgage we got on our place three years ago was pretty low at 4.75%, but we're refinancing the loan for 3.5%. Even though we've paid three years into the 4.75% loan, the 3.5% one is over $20k cheaper for the life of the loan (both 30 year fixed). That works out to a savings of $165/month. Sweet! Free money - I love being rewarded for having good credit. We have most of our financial things with USAA, because they're awesome however our mortgage broker has beat their rates the last two times we checked (the last mortgage and this one).
If you're in Vermont - give Reeni Murphy a call, she's great to work with - (802) 658-5599 Ext. 3118 or email her at RMurphy@mfsinc.com. I'm not sure which states she services, but she beat out the rates from all of the large discount mortgage companies that I found online. You don't want to give your SSN to any of them until you're positive you want to work with them on your refi, since every time your credit report is pulled it's a ding on your score. So f'in stupid. If you have over a 720 credit score, then you'll qualify for the lowest available rates - so don't freak out if your credit score isn't an 800.
It's the same nearly 60 year old house with the same old house issues, but at least it costs less. Maybe we'll put away that money for some renovations. What would you do with some extra flow?
Hey! Another friend of mine just switched over to USAA for her banking and loves it! Would love to hear more about your experience, and if there are any catches? I love the idea of depositing via phone/photo and using any ATM and getting the fee credited back. Also, what kind of military connection does it have to be, and do they have to be signed up too? E's bro was military...
ReplyDeleteHi Lianne - I only have positive things to say about USAA - we have our homeowner's insurance, life insurance, auto insurance, mastercard, amex, savings accounts and checking accounts all with them. One of your parents - yours or Eric's would have to have served in the military and I believe also be a USAA member. I'm not certain about siblings, but you could call to check. Another option is to check with a local credit union. I love that we have zero ATM fees anywhere in the world and how easy they are to work with.
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