we are looking at refinancing a 30 yr at 6.125% to a 20 year at 4.75%. 

We refinanced at the beginning of August.  3.875% for 15 years.  We were 2 years into our old loan and had PMI.  With our appraisal, we were able to drop PMI and actually lowered our monthly payment by $6! (from a 30 year mortgage)  Basically we cut the cost of the house in half.  Now to build our emergency fund back up.  I am excited about having a paid for house sooner rather than later.

Sunny,.....cut the cost in half? That is AMAZING! Congrats. I SO wish we could have done that years ago. This is our third morgage. WE went from a 30 to a 15, and now a ten. Both of the other times we were 7 years into the mortgage , so that kind of stinks but we knew refinancing this one last time would do the trick. Hopefully, we'll pay it off in five. We'll see.

Iris - great to cut that by ten years. :) It's worth it.

Bank of America purchased our mortgage loan and after recognizing the horrible terms of the loan, they offered to drop the PMI and offered us 3.5% for 5 years.  To spare you the details of our nightmare mortgage, I will simply say, our mortgage was $1608.00 per month.  After the changes we pay $1040.00.  I am loving Bank of America right now!

I am thrilled to know that they worked with you, and YEA...that you took the initiative to do something about it. :) Good for you!

we are kinda stuck...we own a house in another state that we can't live in.  We never should have been given the loan in the first place we found out later on.  We are living with my inlaws because our renters pay when they feel like it. 

Now since it is a rental they will lower our rate but only to 5.3 from 6.3.  So it does make it better but not a ton. 

Plus if we sell it then we have not way to pay off the rest of the mortgage so that isn't a choice either. 

We have paid of thousands in CC debt in the last year and are now working on our car.  Then when those are paid we can once again afford to live on our loan with 2 house payments. 

This was another side of Bank of America I hadn't heard about.  Thanks.