And yet they don't. None of them do. And they won't. Why is that?

quote:

Originally posted by chongosuerte:

quote:

Originally posted by Lord Vaalic:
I'm 9 years into a 30 year at 3.8%

so it may be a close call if it's worth it or not

I’m saving $170,000 in interest. I’d definitely check into it.

Hell, you could probably refi at 15 years at 2% or better and keep something close to your current payment.

Yes I have the mortgage lady calling me back tomorrow to chat. If my numbers are right it's a good move, a slight increase in payment but worth it for the big picture numbers.

I just got a reply back from my current lender...will see where it goes.

I'm considering a couple different aspects.

For instance...with easy numbers as an example.

Say you refi into a significant lower rate and go back to a full 30 years. This will typically cost you $$ overall, *IF* you don't add any $$ to your principle.

Hypothetical example:

Current Mortgage: $1800/mo.
Refi to lower rate/30 year term/new payment: $1000/mo.

Pay $1200/month ($1000 base + $200 direct to principle).

Use $600 for other expenses/bills.

That extra $1200/per year would hopefully help you 'make up ground' relatively quickly on the mortgage, plus paying off other debt faster (at higher interest rates) saves you $$ on that end.

We'll see...

$.02 worth,
Boss

My VA lender left me a VM earlier today wanting to get me into a lower rate. I just completed a rate reduction back in March/April down to 3.125. I called him back, doesn't hurt to inquire, but will be interesting to see what they come back with now.

If you're saving a bunch of money on a refi and have a rate around 2.5%, consider investing a good share of the savings in a solid, dividend paying stock or mutual fund. I'd consider 30 year term with a chunk going to something like JNJ (Johnson and Johnson) that pays over a 2.5% dividend. Plus you likely will see appreciation over the years.