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Advice on refinancing
Posted on 2/16/16 at 4:52 pm
Posted on 2/16/16 at 4:52 pm
2 years in to a 30yr mortgage at 4.75% Principal balance is about $125,000. When I financed my credit score was in the 670 range because at the time I had no debt (so damn backwards) I don't believe that I am paying PMI if I remember right.
Now that I have a mortgage and a car note, my credit score is about 800, and I was considering refinancing to get a better rate and lower note, or possibly even going to a 15yr if the note would be similar.
Thoughts?
Now that I have a mortgage and a car note, my credit score is about 800, and I was considering refinancing to get a better rate and lower note, or possibly even going to a 15yr if the note would be similar.
Thoughts?
3
Posted on 2/16/16 at 4:57 pm to SG_Geaux
if you can afford it, a 15 at rates right now are hard to beat. i wish i could but have two kids in private school and cant afford that bump
Posted on 2/16/16 at 5:14 pm to SG_Geaux
Look into the 20 yr option as well. Great rates and the bump to a 15yr payment structure is sometimes bigger than you expect.
This post was edited on 2/16/16 at 5:17 pm
Posted on 2/16/16 at 10:16 pm to SG_Geaux
You want to look into a refi. Rates have dropped quite a bit for a 15 yr term. 2.75% to 3%. Rates do vary day to day. Not sure how long rates may last. If you can afford a 15 yr term you should at least look into it. I can work some numbers for you if interested. No need to pull credit. 
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