DH and I are in the middle of our home refinance. I just got a call from the mortgage loan officer at our credit union with great news!
Our home appraisal came way above what they estimated. This means there will not be PMI added on to the mortgage.
They also checked the current interest rate. At the time of application were locked in at 3.5%. When they re-checked it today, the rate went down to 3.125% and they locked that in for us.
The new mortgage maturity will be 2-years less than our current one.
Our monthly payment (including taxes & insurance escrow) will be about $145 LESS!
That means... we will could be adding $145 MORE to the principal payment so we can pay this down faster or, put that money back in savings to rebuild the emergency fund since I raided that to pay off my student loan.
We would bring to closing approximately $400 for the survey (I shredded the one we had...what was I thinking??!!...BOO!).
The credit union is paying all other closing costs. The estimated closing date is sometime in mid-September.