08-21-2010, 10:13 PM | #1 |
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im i the only one thats not refinanced?
has everyone jumped on the low interest rate wagon? im not hurting financially. but i do have a 6.0 rate. i went with my va loan and dont pay pmi. i could save a good bit a month. probably 150 to 200 dollars. but then i think about all the dam closing cost fees they charge. only in my house for 3.5 years. also have a hard time thinking about starting over on loan. whats your guys thoughts on this? oh one other thing, not sure if i have correct info. someone told me if you had not refinanced and lost your house you would not be held responsible for balance. on the other hand if you did refi and got to where you could not pay they would come after you for the balance.
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08-21-2010, 10:29 PM | #3 |
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yea i know. like i said just the thought over starting over after 3.5 years. also all i been paying is interest anyway. it would probably would be for the best. the other thing is i keep getting all these flyers in mail probably 10 a week. not sure if they are any good. guess ill try locally.
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08-22-2010, 01:19 AM | #4 | |
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I refi'd a couple months back.
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bosstones' flickr Last edited by bosstones; 08-24-2010 at 04:49 PM.. |
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08-23-2010, 04:48 PM | #6 |
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Refi the rate AND term. You could probably pay the same monthly and be done in 20 years instead of starting over at 30.
But read the fine print. Make sure no penalty for early repayment, no ARM, no balloon, and check the fees/points. |
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08-23-2010, 05:12 PM | #7 | |
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Instead I did a 30 year and lowered my monthly payment, and here is my logic. Lower fixed monthly payment leaves me more flexible, the wife and I want to buy a second home (cabin) and we will be more comfortable doing it with a lower house payment. The big one, now my mortgage is very close to market value for the house, that is to say I could almost rent it out and have it cover itself. It time, when the economy improves, I should be able to rent it out and move on, if I want to (or it the wife forces the issue). |
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08-23-2010, 05:17 PM | #9 | |
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08-23-2010, 05:19 PM | #10 |
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Have you thought about looking at 15/20 year loans?
watch closing fees, not just the ones you pay up front but find out what your par rate is vs what rate you're actually paying. prepay isn't necessarily a bad thing. having a 2yr prepay can lower your rate sometimes and if you don't plan to refi within 2 years, there's no issue to begin with. how much do you currently owe on your property and how much is it worth? if you're under 80% loan to value, i'd consider looking at refi options. |
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08-23-2010, 05:51 PM | #11 |
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It just made sense for us. We were DINK's for awhile but after meeting with our financial advisor, we should be working on our retirement and 401K. Then all of a sudden we are now preggers!
The refi saved us $600 a month! (Old rate 6.0% plus PMI, now 4.7% no PMI). So that goes directly towards baby and retirement. All without messing our cash flow. I say go for it. We have 20% equity so the refi was very seemless, no points to pay. We folded closing in the new loan only brought our monthy up, by $4. |
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08-23-2010, 09:50 PM | #12 |
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Dad just refi'd for a 3.? on their 1.5yr old house.
Why the hell would anyone get a variable rate on anything? |
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08-24-2010, 03:59 PM | #14 |
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Yes, rates are unbelievably low! As low as 4.0% 30 year and 3.75% 15 year...
Nowadays you can refi and pay no cost, and still get a great rate. If you can, take advantage of this opportunity while it last.
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08-24-2010, 05:46 PM | #18 |
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dont listen to him, if you threw a quarter on the ground he would tackle someone for it
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08-24-2010, 05:50 PM | #19 |
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08-24-2010, 05:52 PM | #20 |
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08-24-2010, 05:54 PM | #21 |
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