Posted on: 18th Oct, 2010 04:15 am
I owe about 70,000 on my home, which I bought for 121,500 3 years ago. I currently have a 30-year fixed mortgage at 6.75%, and I am making extra principal payments every month. I can afford to go down to a 15-year mortgage - I am seeing 3.25% as the going rate. This make sense for me, right?
Yes, if you could reduce your rate by 3%, then it is worth it.
to refinance a loan, some lenders require a new appraisal. make sure your mobile home is in good condition and you do all repairs needed before applying.i totally appreciate the frustrations that the people commented here. i have worked in the mortgage industry for over 8 years and have seen how crazy the decrease in home values have gotten!
Just have ti to ask--where are you seeing 3.25 ona 15-year fixed without points? I'm seeing only 3.375.
Van, our guest didn't say that was a zero-point loan, but I'd be surprised to find it otherwise anyway. I'm seeing 30 year rates in the 3's so why wouldn't a 15 year rate be that much better? Historically, they are, so why not in 2010?
As for going down 3%, Eric is 100% right of course, though I think I'd have been a more forceful advocate. It's absolutely a sensible thing to do.
As for going down 3%, Eric is 100% right of course, though I think I'd have been a more forceful advocate. It's absolutely a sensible thing to do.
