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Answers (3)
- Clay Branch, "Georgia Loans"
- Contributions:7839
Based on your figures, it looks like you are being quoted a 30 Yr loan at 4.5% which would lower your P & I about $200/month. If that is the case, what are the total closing costs you were quoted? It may be worth it or not, it depends on how long you will own the home and the closing cost recapture benchmark. BTW, $260K at 5% = $1395.73/mo, does your $1625 payment include taxes and Insurance?
- Dan, "the_country_hick"
- Contributions:4699
In 8 months you would have saved $1600. The extra $25 in month 9 would be easy to handle.
Anything that has a payback of under a year is a good business decision unless you will not hold onto it for that long.
Anything that has a payback of under a year is a good business decision unless you will not hold onto it for that long.
- Carl Henker, "Carl Henker"
- Contributions:755
If you intend to pay down your mortgage contact your current lender and ask if they will recast you mortgage based on the new loan balance. Some lenders will re-amortize your loan using the new balance and remaining term without the cost of a refinance. If they will do the recast expect to pay $200 to $500 in cost. With rates currently around 5% a refinance is not what you want. Call your current servicer/lender first. Good Luck
Whats the best way to lower mortgage payments?
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