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ISO 300
by Turkey08 - 05/19/25 09:32 AM
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Joined: Feb 2014
Posts: 3,812
10 point
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10 point
Joined: Feb 2014
Posts: 3,812 |
What can you loan/ finance gurus tell me about refinancing a house. I'm debating on refinancing my house to a 15 yr term. I bought it several yrs ago for 72,000 it appraised for 93,000. I have a 4.5% interest rate. My monthly payment is usually about $478 with insurance and escrow included. Of that $251 is interest. I want to pay it off well before 30 yrs but never remember to pay extra each month. Would it benefit me to look into refinance. And what kinda numbers y'all think I'd be looking at?
Oh and my principal balance YTD is 66,968
Last edited by TravisBatey; 01/28/15 11:27 AM.
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Joined: Aug 2003
Posts: 4,035
10 point
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10 point
Joined: Aug 2003
Posts: 4,035 |
I'm sure there's a lot more qualified here than me but I have some experience with this. I wouldn't refinance unless I could get 2-3% better interest rate. The closing costs are just too high. Make arrangements with your lender to do an automatic withdrawal for your payment each month and increase the amount your paying by whatever you feel comfortable with. They will tell you how much you will shorten your loan period. I'd talk to your lender and let them know what you want to do and they may work with you. Mention that you are shopping around too. That will make them more eager to work with you.
jmlane
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Joined: Dec 2007
Posts: 1,521
8 point
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8 point
Joined: Dec 2007
Posts: 1,521 |
I wouldn't bother at 4.5%. Just remember to pay more. Or you can have it automatically debited from your bank account. That's what I do.
Add $200 per month and you'd pay if off in just under 15 years based on my calculations.
Last edited by JSanford1974; 01/28/15 12:54 PM.
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Joined: Jan 2014
Posts: 30
spike
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spike
Joined: Jan 2014
Posts: 30 |
Based on your numbers above , you will pay A little over $131,000 for your house over 30 years, only principal and interest.
If at the same time you had a 15 year mortgage at 3.15%, you would pay a little over $90,000 for the same house.
A 30 year mortgage is damn near a scam, if you can swing a 10 or 15 year, do it and it saves you a ton of money.
Just my 2 cents.
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Joined: Dec 2004
Posts: 19,318
Old Mossy Horns
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Old Mossy Horns
Joined: Dec 2004
Posts: 19,318 |
Best thing to do is see what kind of rate you can get for 15 years, or whatever period you're looking at, then run the numbers to see how long it would take to recoup the refinance closing fees. You'll hear people say, "if you can't drop your interest by at least 2%, don't do it". That's just something they've heard somewhere. Run the math and see for yourself to make sure. I will say though, as low as your payment is already, if the interest rate isn't that much if a difference then just double your payment. Basically same thing as changing to a 15 year from a 30 year. Just make sure, if you do double your payment, to mark the extra amount as "towards principal". If you don't, they may just record it as making early payments and it won't lower the amount if money you are paying interest on.
If voting made any difference, they wouldn’t let us do it.-Mark Twain
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Joined: Dec 2009
Posts: 9,594
14 point
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14 point
Joined: Dec 2009
Posts: 9,594 |
Use this calculator and run the numbers. How long do you plan to stay before selling? For a 15y with good credit you are looking at around 3-3.25% http://www.zillow.com/mortgage-calculator/refinance-calculator/
Last edited by toothdoc; 01/28/15 01:08 PM.
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Joined: Jan 2015
Posts: 98
spike
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spike
Joined: Jan 2015
Posts: 98 |
I'm building a house as we speak and my lender told me 30 year mortgage was 3.5% last week and 15 year was like 2.8%,with only 70k to finance I'd definitely do 15,prolly won't be much more than you are paying now
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Joined: Apr 2000
Posts: 12,357
Doesn’t Know His Code
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Doesn’t Know His Code
Joined: Apr 2000
Posts: 12,357 |
Pretend your payment is $650 per month and don't worry about refinancing.
IKNOWMYPHUCKINGCODEDAMMITYOUDICKHEAD!!!
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