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?

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Posted by dallastiger55

Jennings, LA

Member since Jan 2010

27624 posts

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

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Posted by HYDRebs

Houston

Member since Sep 2014

1240 posts

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

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Posted by LSU1018

Baton Rouge

Member since Feb 2007

7215 posts

Posted on 2/16/16 at 9:59 pm to HYDRebs

15 year rate is between 2.75 and 3. Definitely worth looking into. The biggest thing you need to watch for is the fees. Lender fees should be less than 1k.

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Posted by lsu tigerdog

Baton Rouge

Member since Nov 2007

246 posts

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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Posted by SG_Geaux

1 Post

Member since Aug 2004

77912 posts

Posted on 2/16/16 at 11:05 pm to lsu tigerdog

I should have added that I likely won't be in this place for more than another 2-3 years. Does that mean that maybe I should not bother to spend the money on closing costs to do a refi?

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Posted by Shepherd

Member since Nov 2009

2941 posts

Posted on 2/17/16 at 12:34 am to SG_Geaux

Winner winner.. If your monthly savings over the long run won't total your costs, why bother?

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Posted by jeffsdad

Member since Mar 2007

21328 posts

Posted on 2/17/16 at 6:15 am to SG_Geaux

well frick man, why bother? The 15 or 20 year loan will be substanially higher monthly despite a lower interest rate but well worth it in the long run. But you aint in this one for the long run....

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Posted by CE Tiger

Metairie

Member since Jan 2008

41583 posts

Posted on 2/17/16 at 1:12 pm to SG_Geaux