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Answers (2)
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
ZZT,
I'd keep what you have. Couple of things to consider: 1) An 80k loan maybe difficult to obtain, most lenders want $100k minimum 2) The amount of fees you'll be paying will be to much to justify doing another refi.
If you want to pay it off ASAP, then just double your payments or put whatever extra you can towards your principal.
I'd keep what you have. Couple of things to consider: 1) An 80k loan maybe difficult to obtain, most lenders want $100k minimum 2) The amount of fees you'll be paying will be to much to justify doing another refi.
If you want to pay it off ASAP, then just double your payments or put whatever extra you can towards your principal.
- Michinaga
- Contributions:143
Won't potential refinancing fees eat up whatever gains you'll be making on the improved interest rate, which will still be over 4%?
Or does your current mortgage forbid pre-payment?
Assuming it:s allowed, why not just plow that extra $800 into your current mortgage every month? Some basic calculations say that over 84 months (presuming a monthly payment of $1140), you'll save over $7k in interest, and have your mortgage clear in under 4 years. Pay that thing down!
Or does your current mortgage forbid pre-payment?
Assuming it:s allowed, why not just plow that extra $800 into your current mortgage every month? Some basic calculations say that over 84 months (presuming a monthly payment of $1140), you'll save over $7k in interest, and have your mortgage clear in under 4 years. Pay that thing down!
15 year mtg at 5 1/8 460K hse. 80K 7 yrs to go. Should i refi and double my paymts to get out faster
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