---

should i refi or pay down

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
corky Guest	Posted: Wed Feb 01, 2012 10:13 am    Post subject: should i refi or pay down Like 0 Dislike 0 We have 12 years left on our 15 year loan at 4.375%. We can get a 3.25% loan with $5K in closing costs. Is this a good idea? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Golfer818 Guest	Posted: Wed Feb 01, 2012 2:55 pm    Post subject: Like 0 Dislike 0 You ask a good question. the answer will come form doing a simple calculation. Take your current P & I payment and multiply it by the remaining number of months. The result will give you what will cost you to payoff your existting loan over the remaining term. Next, take the P & I payment of the new loan at the lower rate and multiply that by 180. The result will give you what it will cost to payoff the new loan. If the savings is more than the costs, you might want to consider it. If not, you should stick with what you have. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Feb 01, 2012 9:03 pm    Post subject: Like 0 Dislike 0 Hi corky! Welcome to forum! If you want to stay in the property for the next 4-5 years, then it will be a good option to refinance the mortgage at a lower rate. Moreover, staying in the property for the next few years will also help you in offsetting the closing costs that you pay while refinancing the loan. Feel free to ask if you've further queries. Sussane
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Feb 06, 2012 1:13 pm    Post subject: Like 0 Dislike 0 Moderators, please be cognizant of the meaningless folderol we continue to see in these forums. I've come across a ton of these in the forums that I check most regularly; but the same posters (undoubtedly spammers) are all over the site. What they say denigrates this forum in the overall scheme of things. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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