Re: REFINANCING ONE’s HOME

chickenbutt · ‎03-09-2010

@kivah wrote:
The best part is reducing the years of the mortgage. From 30 to 15 makes sense.
Get a referral for an agent from a mortgage company, who could check out many lenders. Never pay "points" -- that's an extra percentage added to the fees. That's where they get u if ur not aware. Have the agent print out the rates and payment amounts - and number of years to see if it makes sense to refinance. The rates are very low.

ITA with this. Our first mortage on this house was a 30yr. At some point we were refinancing for a lower rate. He wanted to do another 30yr. I said no. I wanted to do a 15, but could only get him down to a 20, so I agreed. This time we refinanced there was no way I was going to extend the loan. We had 12 years left. Got it down to a 10yr. Before this I didn't even know they had 10yr mortgage loans.

For a while I was paying extra on the principle and got it down several thousand one year.

I want to go back to paying extra every month but things changed when he got laid off last year. He had to take a job for less money and I'm getting the short end of that deal. But I am considering taking some out of my savings to pay the balance down a bit.

When you get to a certain age group the thought of having a mortgage becomes daunting. Paying extra on the principle saves a lot in the long run.