Should I refinance my home?
I have a 15 year mortgage with only 9 years left at 5.250% interest on 189,000.00 balance. My mortgage company will let me refinace for 15 years at 4.385% at no closing cost. Do you think I should refinance?I also can refinance at 3.875 for 10 years and role in my 8,000 dollar home equity loan. I would have to pay closing cost. Is this a better deal? by watermain548 from Waterbury, Connecticut. Mar 8th 2011
Daniel Lotter (dnllotter)
#26 ranked lender in Colorado - 58 contributions
I would go for the 10year - and pay off the home equity line. Give us a call and we could save you thousands on closing costs and get you into a 4% 10yr. fixed product. With the lower interest rate your payment will be lower than what you have now. Give us a call and we could tell you how long after the refi it would take if you make the same payments as you are now on your new loan. I bet you'll be suprised on how many years you shave off the 10year loan. Ask for Daniel Lotter with Tri Star Funding, LLC at 877-489-8249 toll free
Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions
Just pay extra on principal mortgage balance. It would not be worth the costs with such a short term
Andrew Adams (Andrew)
#10 ranked lender in Massachusetts - 7 contributions
I just ran some quick numbers based on the information you provided. Take a look at this total cost analysis to get a clearer picture of the numbers.http://mcedge.tv/169sln
Jim Costello (jimc@homemortgagelender.com)
#82 ranked lender in Florida - 22 contributions
The best option is to go for the 15 year mortgage at no closing costs and add an extra dollar amount per month to pay it off in 9 years. An amortization schedule can tell you how much that would be by plugging in the 9 year term, rate and loan amount, then subtract that payment by the 15 year payment to get the extra you need to send in.
Ask our community a question.
Get an answer
Related Questions
