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We sat on our asses for the last couple years and didn't look into refinancing the house because we heard credit was tight.
Wells Fargo, who owns our mortgage debt, sent us a letter the other day offering us a refinancing deal where they just send us the papers, we sign them and get them notarized, and there are absolutely no closing costs.
My wife called them for the details.
The rate they are offering us is 0.35% higher than what I could find in a quick Google search as the supposed market average right now. But I wonder if those lower rates are with points being paid. This is no closing costs, and it's certainly convenient. Just sign the papers and mail them back.
We just have to decide now if we want to pay $110 a month more so we can pay the house off 8 years sooner with a 15 year loan, or get $20 a month back and pay the house off 3 years sooner with a 20 year loan. We've got 23 years left on our 30 year loan. The 15 year loan would save us a ton more money over the long run. We'll probably do that.
Anyway, I'm glad this fell into our laps. We probably wouldn't have gotten around to refinancing if it hadn't. I wonder if this is some sort of federal program, and if I should be thanking Obama.
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