We locked in at 3.75% today! We shopped around and were quoted $3100 in closing costs from another local bank, so we locked in for 15 years at 3.75%. We will also have to pay the prepaids (escrow and insurance, prob about $2K) but will get a check back from our current bank for about $2200 once we close and we will put that straight onto the new loan. My bank was back up to 4% today, so I am glad that I shopped around. Our payment will go from $1286 to $1316, so a $30 increase. The loan officer pulled our credit scores, 787 for me and 794 for my husband! Don't mind bragging about that cause we are very proud of them. So the ball is rolling on the whole thing and we have a meeting Wednesday. Should be all wrapped up in a nice little bow by 9/1/2010 at the latest. I feel sooooo happy and relieved that even if we were not able to make any additional payments (due to medical or kids or something) the longest we would be paying on our mortgage is until I am 41 and DH is 43. We hope to continue to pay extra every month, but you never know what the future will bring so I am glad to be locked in at a shorter term. Hope everyone has a great weekend!
We are locked in! Yeehaw!
July 16th, 2010 at 11:39 pm