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Refinance?
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| 12/17/2008
| brownsfan
Posted on 12/17/2008 12:05:24 PM PST by brownsfan
I have a home with a 30 year loan, I owe about 93k on it. At the current rate I'm paying it, I'll have it paid off in slightly over 12 years. My current rate is 5.75.
I called about a refinance. 4.875 with $2300 in closing costs. This would drop my payment about $150/month. So, if I kept paying at the same payment I pay now, I'd pay the new loan off in slightly less than 12 years and save about $8k in interest payments over the life of the loan.
I don't plan on moving. I'm 51. I can't see any reason I shouldn't do this, but I thought I'd get some input here. Thanks.
TOPICS: Miscellaneous
KEYWORDS: finance; loan; money; mortgage
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To: MosesKnows
“Do you have any high interest rate credit card or other debt?”
Nope. Credit card debt is pure 100% poison.
I owe on a used car. My wife bought a new car about 8 months ago. That’s it. I am not wealthy, but I try to do the most with what I have. That’s why I’m looking at a refinance.
61
posted on
12/17/2008 4:44:07 PM PST
by
brownsfan
(We are sooooo screwed.)
To: 70th Division
Banks NEED good borrowers. And you have a track record. You have a good loan so threaten them to take it else where if they do not bargin. Move up the food chain till you fine someone who can talk and chew gum. Look for a V.P.WE have a winner here, too. Good reply, 70th.
62
posted on
12/17/2008 4:50:03 PM PST
by
GOPJ
(Gun Control-:- like trying to control stray dogs by neutering veterinarians.- G. Jonas)
To: brownsfan
told him the costs bothered me and I’d shop around, he seemed to not be concerned.Shop around. Loan agents are like anyone else--some are more agreeable and hungry than others. I'd take my time, as rates may well go lower. If you do decide to refi, just make sure it's a fixed rate. I also like the idea of extra principal payments
To: brownsfan
If it falls to 2%, its a heckuva deal. But a one percent rate difference, I wouldn't bother.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
64
posted on
12/17/2008 5:09:43 PM PST
by
goldstategop
(In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
To: All
Has anybody ever used an on line service like LendingTree.com to refinance or is best to stick with established lender?
65
posted on
01/13/2009 6:13:28 AM PST
by
Kid Shelleen
(Barack the Messiah: Never in the field of US politics have so many waited so long for so little.)
To: Dawn531
>>> no closing costs <<<
That is pretty good. Are there any catches?
66
posted on
01/13/2009 6:17:09 AM PST
by
Kid Shelleen
(Barack the Messiah: Never in the field of US politics have so many waited so long for so little.)
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