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Started By
Message
Would you refinance?
Posted on 10/12/09 at 6:39 am
Posted on 10/12/09 at 6:39 am
I owe 93-94K on my home with a 30 year loan at 5.375%. If I don't make any extra payments, I will be paying for 22 more years. My current payment is 647 (if you take out escrow), but I pay an extra 286.xx per month so if nothing happens I will pay off the loan in 10 years. My credit score was around 787 last February prior to purchasing a car so I should still be able to get one of the better rates. I am sure I left something out, so just let me know. 
Thanks in advance.
Thanks in advance.
3
Posted on 10/12/09 at 8:58 am to TigerFanatic1
Are you looking at a 15 year loan? That's the only thing IMO that would make it attractive to refi in your situation.
Posted on 10/12/09 at 9:42 am to TigerFanatic1
quote:
if nothing happens I will pay off the loan in 10 years.
Nope, pay it off in 10 years, or less.
Posted on 10/12/09 at 9:56 am to TigerFanatic1
tough to say of you should refi or not cause you havent given us the info needed like your new rate, new payment, new mortgage length, etc.
Posted on 10/12/09 at 10:05 am to jjbodean1970
A friend who owns a good amount of real estate told me people right now should be modifying instead of refinancing. Practically, what's the difference?
Posted on 10/12/09 at 11:49 am to Martavius
quote:I told y'all I would forget something. Yeah, I would be looking at a 15 loan and I haven't discussed any rates. I would still plan to pay the house off in 9-10 years, just trying to figure out whether the lower interest rate will save very much after having to pay closing costs again.
Are you looking at a 15 year loan? That's the only thing IMO that would make it attractive to refi in your situation.
Posted on 10/12/09 at 11:56 am to TigerFanatic1
the 15 year rate is around 4.375%-4.5% just depending on the broker. as far as the real estate person who said you should get a rate modification..that person is not a mortgage broker and shoud shut the F up. there is no such thing as a rate mod. for 99.99% of people out there. unless your in a subprime loan and you blow the guy on the other end of the phone its not happening
Posted on 10/12/09 at 11:59 am to LSUDad
quote:
Nope, pay it off in 10 years, or less.
I would still plan to pay it off in 10 years unless I am put in a position that I can't afford to pay the extra.
Posted on 10/12/09 at 12:53 pm to displacedhorn
quote:
the 15 year rate is around 4.375%-4.5% just depending on the broker. as far as the real estate person who said you should get a rate modification..that person is not a mortgage broker and shoud shut the F up. there is no such thing as a rate mod. for 99.99% of people out there. unless your in a subprime loan and you blow the guy on the other end of the phone its not happening
I saw 15-YR loans in the ATL paper this week listed at 4.25%-4.30% with the APR's matching, so I am assuming no bait and switch or ridiculous junk fees/buy downs to get the rate. If you can get a 15 year loan at those rates with little in closing costs I would jump on it.
Posted on 10/12/09 at 1:23 pm to tirebiter
quote:
I saw 15-YR loans in the ATL paper this week listed at 4.25%-4.30% with the APR's matching, so I am assuming no bait and switch
Rates change day to day. Remember most will get you on the closing costs.
Posted on 10/12/09 at 9:58 pm to LSUDad
There are a couple of things to consider before refinancing. Are you planning on moving anytime in the next few years? If yes, then stay where you are. If no, then look at the rate drop what that actually means. Chances are its only going to drop your actual payment $150/month give or take and that is some rough math. Chances are the fee's are going to run about $4-5K. It will take +/- 3 years to get back to your starting point. If you are ok with that then go ahead.
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