In reading the tea leaves relative to impending rising interest rates, we thought it would be prudent to explore refi options back in December.
Originally, we closed a USDA guaranteed 30-year fixed mortgage at 4% eight years ago. The PMI was particularly annoying, but that's the cost of the no money down USDA option.
Fast-forward to December of 2021:
We locked a rate of 2.75% fixed for 15 years (conventional, no PMI) with a home value to loan balance ratio of 3 to 1. Our local credit union jumped at the chance to snag this as a portfolio loan, which means they won't be reselling it to anyone. Not that they would anyway since we had my truck loan, daily credit card driver and direct deposits there already, but it's a nice feeling to have most of our financial business with a local, established credit union.
This refi shaved seven years of payments - plus PMI - off of our books...and the monthly payment is actually LOWER than the previous one. With our fat equity, they're asking if we want a HELOC with an equally fat line. I'm still kicking that option around, but it's nice to have options. 
Nicely done! 👍👍
Rates are going up in near future! So perfect timing.
@CYBERSAM wrote:Nicely done! 👍👍
Rates are going up in near future! So perfect timing.
Thank you!
Funny thing is, mortgage refi rates literally went up the day after we locked ours. 
Update:
Not only has the refi closed, but I just closed on a pretty hefty HELOC at 4.5% fixed.
@CreditCrusader wrote:Update:
Not only has the refi closed, but I just closed on a pretty hefty HELOC at 4.5% fixed.
Congratulations!!
@Adkins wrote:
@CreditCrusader wrote:Update:
Not only has the refi closed, but I just closed on a pretty hefty HELOC at 4.5% fixed.
Congratulations!!
Thank you!
With where the interest rates are headed for what may be YEARS to follow, I'm thankful to have wrapped these loans up.