---

Should I refinace or pay extra each year?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Lisamace15 Joined: 22 Sep 2009 Posts: 1 1.37 Dollars($)	Posted: Tue Sep 22, 2009 10:22 am    Post subject: Should I refinace or pay extra each year? Like 0 Dislike 0 Iam on my 5 yr of 30yr note 79,500.I I still owe 74,000 Iam in the process of refinaceing my home I locked in a rates at 5.3 on a 15yr note. There going to add on the closing cost. Which would be better?refinace to a 15yr note or just pay an Extra 4,000 (tax return)a year.where where will that put me? It appraised for 130,000,so I do have equity in it bur Iam not pulling any thing out. What should I do?
eric1 Community Expert Joined: 04 Jan 2009 Posts: 1511 226.89 Dollars($)	Posted: Tue Sep 22, 2009 5:30 pm    Post subject: Like 0 Dislike 0 I think you can do a lot better than 5.3% on a 15 yr fixed. Shop around for a better rate before you make a final decision. _________________ Eric JFree Rate Quote, Stated Income Loans FHA RATE QUOTE Mortgage Rate Quote
sunnyca2009 Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)	Posted: Tue Sep 22, 2009 6:34 pm    Post subject: Like 0 Dislike 0 One way to figure out what is the best option woudl be calcualte your total payment after yoru interest is locaked how much you would pay in interest after 15 years along with closign cost if you do not make any extra payments Then try caluclting your total cost at the end of loan if you keep makign $4k extra payment every year That woudl tell you what is your best option
Gene Guest	Posted: Wed Sep 23, 2009 9:15 am    Post subject: Like 0 Dislike 0 If you chose to refinance your current mortgage loan, consider these items 1) How much are you saving from the current loan to the one being proposed? 2) What is the cost of the loan? 3) How long will it take you to recoup the cost? 4)If you stay on your mortgage and keep paying 4K towrds the mortgage how long will it take you to pay the mortgage off? FYI: The rate being proposed to you seem very high for a 15 yr term, shop around to see if you can get a better mortgage rate. Gene Voyage Home Loans
adrianlee1971 Joined: 13 Sep 2009 Posts: 53 -0.17 Dollars($)	Posted: Wed Sep 23, 2009 11:03 am    Post subject: Like 0 Dislike 0 You need to refinance it. There is no point in paying 4K extra. One omre thing, How long are you planing to stay in this house?

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0