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Finished my re-fi today. 15 year fixed at 3.25%. Was at 4.625% with 28 years left.

This is sweet.

Just did ours for 15 year at 3.5%, and the rest of the mortgage will be in a HELOC. Was at just a single mortgage at 4.875% with nearly 29 years left, and we also had $500 a month in PMI. So basically, with lowering the rate and removing PMI, our new monthly payment will be barely more than the old monthly payment, and it'll be 15 years instead of 30. This move cuts our rate way down on a 15 year, and the HELOC rate should be crazy low for a few years at least -- we'll try to pay that off fairly aggressively. All in all, pretty happy with it.

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Finished my re-fi today. 15 year fixed at 3.25%. Was at 4.625% with 28 years left.

This is sweet.

Just did ours for 15 year at 3.5%, and the rest of the mortgage will be in a HELOC. Was at just a single mortgage at 4.875% with nearly 29 years left, and we also had $500 a month in PMI. So basically, with lowering the rate and removing PMI, our new monthly payment will be barely more than the old monthly payment, and it'll be 15 years instead of 30. This move cuts our rate way down on a 15 year, and the HELOC rate should be crazy low for a few years at least -- we'll try to pay that off fairly aggressively. All in all, pretty happy with it.

Was the 15 year fixed conforming (or a jumbo) and the rest on a HELOC? What was the combined LTV (1st and HELOC), under 80%? I'm looking at this situation now, but property values are down since we bought so CLTV matters. Edited by otello

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Finished my re-fi today. 15 year fixed at 3.25%. Was at 4.625% with 28 years left.

This is sweet.

Just did ours for 15 year at 3.5%, and the rest of the mortgage will be in a HELOC. Was at just a single mortgage at 4.875% with nearly 29 years left, and we also had $500 a month in PMI. So basically, with lowering the rate and removing PMI, our new monthly payment will be barely more than the old monthly payment, and it'll be 15 years instead of 30. This move cuts our rate way down on a 15 year, and the HELOC rate should be crazy low for a few years at least -- we'll try to pay that off fairly aggressively. All in all, pretty happy with it.

Was the 15 year fixed conforming (or a jumbo) and the rest on a HELOC? What was the combined LTV (1st and HELOC), under 80%? I'm looking at this situation now, but property values are down since we bought so CLTV matters.
Any info on this Otis? I've been racking my brain trying to get the best deal on a refi, but nothing I've gotten so far is anything within a point of this. Let alone working in a HELOC too.:shrug: Location maybe have something to do with it?

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Finished my re-fi today. 15 year fixed at 3.25%. Was at 4.625% with 28 years left.

This is sweet.

Just did ours for 15 year at 3.5%, and the rest of the mortgage will be in a HELOC. Was at just a single mortgage at 4.875% with nearly 29 years left, and we also had $500 a month in PMI. So basically, with lowering the rate and removing PMI, our new monthly payment will be barely more than the old monthly payment, and it'll be 15 years instead of 30. This move cuts our rate way down on a 15 year, and the HELOC rate should be crazy low for a few years at least -- we'll try to pay that off fairly aggressively. All in all, pretty happy with it.

Was the 15 year fixed conforming (or a jumbo) and the rest on a HELOC? What was the combined LTV (1st and HELOC), under 80%? I'm looking at this situation now, but property values are down since we bought so CLTV matters.
Any info on this Otis? I've been racking my brain trying to get the best deal on a refi, but nothing I've gotten so far is anything within a point of this. Let alone working in a HELOC too.:shrug: Location maybe have something to do with it?
Sorry guys, just saw these questions.

The 15 year fixed is conforming -- we're avoiding jumbo by putting a chunk into the HELOC.

The original mortgage when we bought last year was combined, but the conforming limits were higher then, so we were able to fit the whole thing into a first mortgage and not go jumbo. I think we were at 4.875%, this was May 2011. Because we were under 20% equity (I think we put down like 16% or 17% -- all we had), we had to pay PMI. Since then we put work and money into the house, and home prices locally have risen a bit, so we should appraise now at over 20% equity.

We used the heloc because our loan amount would have been a jumbo.

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Thinking about refinancing again. Is $3500 reasonable for closing fees (no points)? Can't recall what we've paid in the past.

Major components would be origination charge ($1475) and title service & title insurance ($1593).

ETA: Just noticed that I'd qualify for $500 off because I have a qualifying checking account at the same bank. So it would be $3000.

Edited by CrossEyed

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Thinking about refinancing again. Is $3500 reasonable for closing fees (no points)? Can't recall what we've paid in the past.Major components would be origination charge ($1475) and title service & title insurance ($1593).ETA: Just noticed that I'd qualify for $500 off because I have a qualifying checking account at the same bank. So it would be $3000.

I was just quoted a refi at at total cost of $2600. That is my first quote. I am hoping to do better.

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Still debating. Should I pull the trigger? I have a 5.25 30 year note (probably 22 years left on it) with a HELOC that's prime -.5. I could get a lower rate, but they'd want to bundle the HELOC, which would me back in Jumbo territory. I know that at some point I'll want to go fixed on the HELOC but rates aren't rising yet. Or should I just pay more principal on the 30 year note to treat it like a 15 year note? I haven't found the energy to tackle this yet.

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Thinking about refinancing again. Is $3500 reasonable for closing fees (no points)? Can't recall what we've paid in the past.Major components would be origination charge ($1475) and title service & title insurance ($1593).ETA: Just noticed that I'd qualify for $500 off because I have a qualifying checking account at the same bank. So it would be $3000.

Anyone familiar with PA fees? Is this reasonable?ETA: Also, is 2.99% (3.217? APR) a pretty good rate on a 15 year fixed right now? Edited by CrossEyed

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Thinking about refinancing again. Is $3500 reasonable for closing fees (no points)? Can't recall what we've paid in the past.Major components would be origination charge ($1475) and title service & title insurance ($1593).ETA: Just noticed that I'd qualify for $500 off because I have a qualifying checking account at the same bank. So it would be $3000.

Anyone familiar with PA fees? Is this reasonable?ETA: Also, is 2.99% (3.217? APR) a pretty good rate on a 15 year fixed right now?
Anyone?

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Thinking about refinancing again. Is $3500 reasonable for closing fees (no points)? Can't recall what we've paid in the past.Major components would be origination charge ($1475) and title service & title insurance ($1593).ETA: Just noticed that I'd qualify for $500 off because I have a qualifying checking account at the same bank. So it would be $3000.

Anyone familiar with PA fees? Is this reasonable?ETA: Also, is 2.99% (3.217? APR) a pretty good rate on a 15 year fixed right now?
Anyone?
I assume you are getting a re-issue rate on the title insurance, which is lower in price. If you use the same closing company as last time, you should be able to work them a little more on their fees. Regarding the origination charge, did you ask if they would refund it at closing? Also, some of these costs are based on the amount of the loan, which you did not provide.

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Thinking about refinancing again. Is $3500 reasonable for closing fees (no points)? Can't recall what we've paid in the past.Major components would be origination charge ($1475) and title service & title insurance ($1593).ETA: Just noticed that I'd qualify for $500 off because I have a qualifying checking account at the same bank. So it would be $3000.

Anyone familiar with PA fees? Is this reasonable?ETA: Also, is 2.99% (3.217? APR) a pretty good rate on a 15 year fixed right now?
Anyone?
I assume you are getting a re-issue rate on the title insurance, which is lower in price. If you use the same closing company as last time, you should be able to work them a little more on their fees. Regarding the origination charge, did you ask if they would refund it at closing? Also, some of these costs are based on the amount of the loan, which you did not provide.
$167,000 loan.

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OK, think I'm moving forward on a refi. 15 year at 2.99%. $975 origination fee, no points.

:thumbup:

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OK, think I'm moving forward on a refi. 15 year at 2.99%. $975 origination fee, no points. :thumbup:

how much were closing costs?
$2100...$1600 being title insurance.ETA: That doesn't include my initial escrow payment, but that will wash when I get my escrow refund from the other mortgage. Edited by CrossEyed

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Actually feeling a little bummed now about locking in 3.875 on a 30 year a couple weeks ago. Now it's around 3.7. Crazy.

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Actually feeling a little bummed now about locking in 3.875 on a 30 year a couple weeks ago. Now it's around 3.7. Crazy.

Let it go. 3.87 is a fantastic rate. Focus on something else. The NFL season is only a few months away. You should be watching ESPN every waking minute these days.

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looking at a 3.5% on a 20 year fixed with -1.875 points. The negative points will just about cover the closing costs.

At these low rates, 3.5% isn't a whole lot different than 3.375 (quoted no points on 20 yr) in the long run, but it means that I'm ahead almost immediately. Vs my current mortgage, it puts me ahead on day one - there is no break-even point.

I have been paying 4.75% on a 30 year fixed, tossing in an extra $40-$40 per month towards equity (escrow went down a while ago; I never bothered to re-adjust the automatic payment). With the new mortgage, my monthly payment will be identical but I will take a few years off...and the savings in interest are pretty dramatic: ~$10k after five years.

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I can't believe that in a matter of 5 years I'm going to be cutting my mortgage in half, from a 6.625% 30 year to a 2.99% 15 year. I guess with the 5 years that have elapsed, it's not actually cutting it in half, but I'm knocking 10 years off of my mortgage payments and paying the exact same monthly payment.

See, Obama really is going to pay our mortgages!!

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We bought last year on a 30 year fixed, 4.875%, non-jumbo confirming, but put down less than 20% and were also shelling out 500 a month in PMI. Doing a refi now, still a non-jumbo confirming (and we have to dump some separately into a HELOC, since the non-jumbo conforming limits dropped), but locked a 15 year at 3.5%, no points -- our total monthly nut will be nearly the same as it was under the 30 year, but we'll be paying it off in half the time, since we put some work into the house, it appraised higher so we now have 20%+ equity, and the PMI dropped out. Beyond that, mortgage broker tells me he can likely drop our rate a little bit without any fee -- he thinks to around 3.375%, but he will confirm tomorrow. Sick.

Edited by Otis

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looking at a 3.5% on a 20 year fixed with -1.875 points. The negative points will just about cover the closing costs.At these low rates, 3.5% isn't a whole lot different than 3.375 (quoted no points on 20 yr) in the long run, but it means that I'm ahead almost immediately. Vs my current mortgage, it puts me ahead on day one - there is no break-even point.I have been paying 4.75% on a 30 year fixed, tossing in an extra $40-$40 per month towards equity (escrow went down a while ago; I never bothered to re-adjust the automatic payment). With the new mortgage, my monthly payment will be identical but I will take a few years off...and the savings in interest are pretty dramatic: ~$10k after five years.

who is this through?

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looking at a 3.5% on a 20 year fixed with -1.875 points. The negative points will just about cover the closing costs.At these low rates, 3.5% isn't a whole lot different than 3.375 (quoted no points on 20 yr) in the long run, but it means that I'm ahead almost immediately. Vs my current mortgage, it puts me ahead on day one - there is no break-even point.I have been paying 4.75% on a 30 year fixed, tossing in an extra $40-$40 per month towards equity (escrow went down a while ago; I never bothered to re-adjust the automatic payment). With the new mortgage, my monthly payment will be identical but I will take a few years off...and the savings in interest are pretty dramatic: ~$10k after five years.

who is this through?
eraresmortgage.com: found them thru bankrate.com.

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Advice needed:

I have a loan from 2006 that had LPMI, and now Chase holds the loan. I checked on Fannie Mae and they own the loan.

With the new HARP 2.0 rules that came out, loans owned by Fannie Mae with LPMI are now eligible, including investment properties that once were primary residences.

Chase won't work with me to refinance, saying they haven't authorized refinancing of LPMI loans, despite the explicit approval in the HARP 2.0 text.

Do any of you know any banks/lenders who might refinance an existing loan, under HARP 2.0, when Chase wont?

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In Florida here finally got to take advantage of the New Harp Rules. Knocked 2.5% off the mortgage and lowered the term to 20 Years.

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Actually feeling a little bummed now about locking in 3.875 on a 30 year a couple weeks ago. Now it's around 3.7. Crazy.

Let it go. 3.87 is a fantastic rate. Focus on something else. The NFL season is only a few months away. You should be watching ESPN every waking minute these days.
Yep, the $ difference on a 150K loan between 3.875 & 3.75 is like 10 bucks a month. I closed about 2 months ago on my place so the difference in rates since I got my loan is about $22 a month for me. Also, not a single house has come on the market in the neighborhood I bought that I like better than mine. So far at least... :banned:

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Looking for FBG advice. We put an offer on a house, and got a contract, maybe a a month ago. Contingent on the sale of our current house (we just got a contract on that last night). Closing Mid-June.

On April 17, exactly a month ago, we got an estimate for a loan rate. $445,000 loan amount. On the "closing cost worksheet," it looks like the starting rate is for 4.125%, and we are buying "points" to get the rate down to 3.25%. Costing us $18,356 to get those points and buy the rate down to 3.25.

So the first question is, is that a good deal? I think this buys our rate down about $400/month, but I don't know. At some point, I think I remember that if we stayed in the house for at least 3 years, we get our money back from buying the points.

The second question is: in the last month, have the rates gotten better? Should we shop around more? I'm so out of my league on this.

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Looking for FBG advice. We put an offer on a house, and got a contract, maybe a a month ago. Contingent on the sale of our current house (we just got a contract on that last night). Closing Mid-June.On April 17, exactly a month ago, we got an estimate for a loan rate. $445,000 loan amount. On the "closing cost worksheet," it looks like the starting rate is for 4.125%, and we are buying "points" to get the rate down to 3.25%. Costing us $18,356 to get those points and buy the rate down to 3.25.So the first question is, is that a good deal? I think this buys our rate down about $400/month, but I don't know. At some point, I think I remember that if we stayed in the house for at least 3 years, we get our money back from buying the points.The second question is: in the last month, have the rates gotten better? Should we shop around more? I'm so out of my league on this.

Yes, rates have gone down quite a bit in the last month and you should absolutely shop around. Use bankrate.com or zillow.com to get an idea of the rates/fees.

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On rates, who knows. All I can tell ya is we started out at 30 years, 5.625. We are now at 15 years (12 years left) at 4.25 and I'm looking at redoing it again for 15 years at 3% in 5 months. Hoping rates stay at least at this level.

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Advice needed:I have a loan from 2006 that had LPMI, and now Chase holds the loan. I checked on Fannie Mae and they own the loan.With the new HARP 2.0 rules that came out, loans owned by Fannie Mae with LPMI are now eligible, including investment properties that once were primary residences.Chase won't work with me to refinance, saying they haven't authorized refinancing of LPMI loans, despite the explicit approval in the HARP 2.0 text.Do any of you know any banks/lenders who might refinance an existing loan, under HARP 2.0, when Chase wont?

Can you send me a link to where I can find more info on HARP 2.0? I'd like to find out if I qualify.You may contact a mortgage broker for help finding a loan.

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On rates, who knows. All I can tell ya is we started out at 30 years, 5.625. We are now at 15 years (12 years left) at 4.25 and I'm looking at redoing it again for 15 years at 3% in 5 months. Hoping rates stay at least at this level.

Why wait 5 months?

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Just bought a short sale, 20% below market value, and got a 30 year loan @ 3.875% (no points). Loan associated closing costs were $650 (obviously there were costs associated with title company and prepaids).

Best of all, I sold my current house and get to tell BoA #### YOU!!!!

Edited by rascal

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Advice needed:I have a loan from 2006 that had LPMI, and now Chase holds the loan. I checked on Fannie Mae and they own the loan.With the new HARP 2.0 rules that came out, loans owned by Fannie Mae with LPMI are now eligible, including investment properties that once were primary residences.Chase won't work with me to refinance, saying they haven't authorized refinancing of LPMI loans, despite the explicit approval in the HARP 2.0 text.Do any of you know any banks/lenders who might refinance an existing loan, under HARP 2.0, when Chase wont?

Can you send me a link to where I can find more info on HARP 2.0? I'd like to find out if I qualify.You may contact a mortgage broker for help finding a loan.
I just did a google search and ended up on Fannie mae's website looking at a pdf of things that qualify you for HARP 2.0.APparently, v 3.0 is being discussed, but most people are saying jump on what's avaiable now. Wish Chase would work with me here.

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On rates, who knows. All I can tell ya is we started out at 30 years, 5.625. We are now at 15 years (12 years left) at 4.25 and I'm looking at redoing it again for 15 years at 3% in 5 months. Hoping rates stay at least at this level.

Why wait 5 months?
I'm shutting 'er down for 5 months as far as spending and pouring that $ into the car and home loans. That's about $5k in savings. Could change as I will monitor rates. I would like the refi-loan to be no more than $115k.

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All of these situations are when people are not underwater, correct? We refinanced last year from 6.125 to 4.75, but i think we were only allowed to do it once under HARP? My mortgage guy said we could not do it again. Also, our 2nd mortgage, with the great rate of 8.5% :no:, we can't do anything about either.

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3.125% on a 15 year loan. Close on Tuesday. Will save us ~$500 beans per month. :banned:

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All of these situations are when people are not underwater, correct? We refinanced last year from 6.125 to 4.75, but i think we were only allowed to do it once under HARP? My mortgage guy said we could not do it again. Also, our 2nd mortgage, with the great rate of 8.5% :no:, we can't do anything about either.

I'm not underwater and am looking to combine the recent new car loan into the new refi loan which will free up $450 a month. The longer I can hold out and pour $ into both teh car and current mtg, the more I shave off the interest on teh new loan so I need rates to stay at this level for a few more months.

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Is there any possibility that a 15 yr makes it down to 2.5%?

Man that would be nice. It took 4 months to go from 4% to 3.5% and 9 months to go from 3.5% to 3% so it should be somewhere in be tween that if things keep going the way they are. Edited by FavreCo

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Mortgage broker got back to me -- he was able to take the 3.5% 15 year mortgage we locked with him a couple weeks back and reduce it to 3.25% with no penalty or fee.

:hifive:

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I'm starting talks with quicken loans just to see. I get a 1/4 point off their retail rates up here for work. I fail to see why I should be in a hurry to close this thing though.

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question about refinancing

i owe 130K, monthly payments are $1386, plus been paying $200 extra to the principal each month since day 1 of the loan

5.75% rate

9 years into a 30 year loan

is it worth it to refinance?

i have been told I can get a 15 year loan at 3.12%, payments would be $50 less than current payment

wife and i are trying to figure out if it is worth it

Edited by fsufan

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question about refinancingi owe 130K, monthly payments are $1386, plus been paying $200 extra to the principal each month since day 1 of the loan5.75% rate9 years into a 30 year loanis it worth it to refinance?i have been told I can get a 15 year loan at 3.12%, payments would be $50 less than current paymentwife and i are trying to figure out if it is worth it

Huh? $50 less per month and you pay for the next 15 years instead of the next 21? That is $9k in payment savings over the next 15 and $99,000 in savings over the last 6 years. Hmm, over $100k in savings on a $130k loan, I wonder if it is worth it.

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On Tuesday, barring a miracle, me and my family will be homeless.

For the past 9 months, at least, we have been looking for a new home. We found one about two months ago, and after some negotiations our offer was accepted. This house was basically everything we wanted and was in our price range. We immediately put ours on the market, and were fortunate that we got an acceptable offer within two days and had arranged for both houses to close on the same day. We couldn't believe our luck.

We are schedule to close on both houses on Tuesday. Yesterday, we were notified that the owners of the house we are buying have approximately $120K worth of liens against the house and therefore we will be unable to close. Worse yet, Oklahoma real-estate contracts have a clause that requires me to give them 30 days to cure. I could sue them for negligence or fraud, but given that they owe $120K my attorney/sister-inlaw has advised us that we would just be wasting my money.

It was my title company that discovered this. The owners claim that they thought the liens were resolved when the wife filed bankruptcy last year. I could of course challenge that, but it would require going to court and again they have no money to pay me for that.

On our current house we could back out, but then we open ourselves up for a lawsuit as the buyers has given their landlord 30 days notice, packed up most of their things, etc. So we have to move out. We have no place to live. We could get a rental property, but almost all of them require some type of lease agreement and if you go on a week-2-week basis you pay out the ###.

So that leaves an extended hotel type place. Instead of going to our dream home, we are instead facing the fact that for an undefined period of time we will be staying in a POS hotel room.

I'm so depressed that I'm entirely devoid of emotion.

Edited by rascal

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Hang in there. It will work out. Feel the freedom of no mortgage until you find a new place. You are in the drivers seat now as the Buyer. Get the temp situation settled down and have some fun finding a new home.

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On Tuesday, barring a miracle, me and my family will be homeless.For the past 9 months, at least, we have been looking for a new home. We found one about two months ago, and after some negotiations our offer was accepted. This house was basically everything we wanted and was in our price range. We immediately put ours on the market, and were fortunate that we got an acceptable offer within two days and had arranged for both houses to close on the same day. We couldn't believe our luck.We are schedule to close on both houses on Tuesday. Yesterday, we were notified that the owners of the house we are buying have approximately $120K worth of liens against the house and therefore we will be unable to close. Worse yet, Oklahoma real-estate contracts have a clause that requires me to give them 30 days to cure. I could sue them for negligence or fraud, but given that they owe $120K my attorney/sister-inlaw has advised us that we would just be wasting my money.On our current house we could back out, but then we open ourselves up for a lawsuit as the buyers has given their landlord 30 days notice, packed up most of their things, etc. So we have to move out. We have no place to live. We could get a rental property, but almost all of them require some type of lease agreement and if you go on a week-2-week basis you pay out the ###.So that leaves an extended hotel type place. Instead of going to our dream home, we are instead facing the fact that for an undefined period of time we will be staying in a POS hotel room.I'm so depressed that I'm entirely devoid of emotion.

Don't stress too much. We had to live in an apartment for a month and a half after selling our house in VA and waiting for the new one to be built (a few week delay). It wasn't fun with 2 little ones, but it goes by quick. Sucks on the new house though and hopefully you don't have to start all over again. If you let the hotel room bother you it will. Take a look at apartment complexes that have "executive" leases. They aren't cheap, but you can set it up for month (pretty sure those people will use all 30 days) and in our case, it was pretty simple to get an extra couple weeks depending on how it sorts out.Also, be happy you aren't really homeless. Pretty sure there are tons of people living around your area that are in far worse shape and can't even afford to stay in a POS hotel room.

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Is there any possibility that a 15 yr makes it down to 2.5%?

Man that would be nice. It took 4 months to go from 4% to 3.5% and 9 months to go from 3.5% to 3% so it should be somewhere in be tween that if things keep going the way they are.
2.875 today

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question about refinancingi owe 130K, monthly payments are $1386, plus been paying $200 extra to the principal each month since day 1 of the loan5.75% rate9 years into a 30 year loanis it worth it to refinance?i have been told I can get a 15 year loan at 3.12%, payments would be $50 less than current paymentwife and i are trying to figure out if it is worth it

Huh? $50 less per month and you pay for the next 15 years instead of the next 21? That is $9k in payment savings over the next 15 and $99,000 in savings over the last 6 years. Hmm, over $100k in savings on a $130k loan, I wonder if it is worth it.
thanks smart ###

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question about refinancingi owe 130K, monthly payments are $1386, plus been paying $200 extra to the principal each month since day 1 of the loan5.75% rate9 years into a 30 year loanis it worth it to refinance?i have been told I can get a 15 year loan at 3.12%, payments would be $50 less than current paymentwife and i are trying to figure out if it is worth it

Huh? $50 less per month and you pay for the next 15 years instead of the next 21? That is $9k in payment savings over the next 15 and $99,000 in savings over the last 6 years. Hmm, over $100k in savings on a $130k loan, I wonder if it is worth it.
thanks smart ###
Happy to oblige. Seemed like the easiest way to way to smack you upside the head and say "Of course it is worth it, #######" in my best Red Forman impression.

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