Should I refi now? Living in the same house for 10 years. Refinanced once in 2002. Note currently has 23 years left at 6.375%. First refinance, I lost 2 years of payments and about all the principal put into the note. The clock was reset back to 30 years, and I wound up owning MORE (points added to the loan) than I had when the house was first bought….but the MONTHLY payments were about $100 a month less.
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For awhile – until the government tax people got creative, and I lost most of that gain. My taxes went from $900 a year in 2000 to $2000 a year. The note is about $410 principal/interest and about $200 taxes. Should I jump in and refinance to 4.5% now???? I plan on staying in this house for the remaining years I have. I’m 54. Been here for 10, might as well go for the duration.
Its a good little 1200 square footer single level 3/2. Nothing fantastic – nothing terrible. Property value was about $210,000 last year – dropped to about $160K. Owe about $61K on the note as it stands. Do I benefit from a 6.3% to 4.5% refinance?
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The rule is if you can get a 1% reduction on your interest and plan to stay for more than 5 years.
Do not let these bankers screw you over though.
Stick to 15 or 30 year fixed – no arms, balloons, options or fixed for a year or two.
They are hurting for money and will try to sell you this stuff – don’t fall for it.
Before applying for a mortgage, always check your credit reports for free at
annualcreditreport.com
make sure there are no errors, and make sure you don’t have any outstanding balance on your credit card before applying for a mortgage.
Bankrate.com will give you a list of the best mortgage rates going along with the bank names.
At 54 I would strongly go for a 15 year fixed.
You do not want a mortgage upon retirement – that is the single biggest mistake a human being can make financially.
Also, fight with your tax people – ask them to re-appraise your home.
I did it – and they found out my house was overvalued and lowered my taxes.
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That is enough spread when the time you plan to live there is considered. It does mean you’ll have a house payment for the duration, which most people would not care for. Can you handle a 15 year loan instead? That would mean you would be mortgage-free at 69. If you are working now and your income will go down when you retire, this may influence your choice.
You might want to refi now (30 year) and then keep paying what you were before or more so you can get this paid off.
References :
The rule is if you can get a 1% reduction on your interest and plan to stay for more than 5 years.
Do not let these bankers screw you over though.
Stick to 15 or 30 year fixed – no arms, balloons, options or fixed for a year or two.
They are hurting for money and will try to sell you this stuff – don’t fall for it.
Before applying for a mortgage, always check your credit reports for free at
annualcreditreport.com
make sure there are no errors, and make sure you don’t have any outstanding balance on your credit card before applying for a mortgage.
Bankrate.com will give you a list of the best mortgage rates going along with the bank names.
At 54 I would strongly go for a 15 year fixed.
You do not want a mortgage upon retirement – that is the single biggest mistake a human being can make financially.
Also, fight with your tax people – ask them to re-appraise your home.
I did it – and they found out my house was overvalued and lowered my taxes.
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References :
I used Excel to calculate the monthly payments for $61,000 at both 4.5% and 6.375%, and got monthly payments of $355.15 and $421.78… so I guess refinancing at the lower rate would lower your monthly payments by $66 or so. So it’d take about 9 months for each point (on the $61K) that it cost you to refinance before you realized a savings. But if you’re planning to be there for the long term and the house is in decent shape, it would seem to make sense. Hope this helps.
References :