Originally Posted by VAChief:
Refi to a 10 year note at 2.75 back in Nov 2016 on the remaining 300,000. I doubt I could do better from here on out. Paying extra on principle now to get it paid off in 4 more years.
Originally Posted by scho63:
With rates so low, why are some of you not changing from a 30 year to a 15 year instead of a straight refinance??? :-)
Seems like a much better idea
That's what I did a few years back. Now I have less than 8 years left and sitting at a 3.375. With the closing costs, I can't get a refinance to really save me anything. [Reply]
We thought about getting another loan here to partially pay the mortgage off. But the idea of cutting several years is much better. Thanks for sharing your experience. I hope will be able to cut 7-8 years and save about 100k. [Reply]
Originally Posted by RedRaider56:
I've considered doing this but I don't plan on being in my house longer than for 4 more years. really doesn't save me much of anything
Exactly.
You can also make mortgage payments biweekly, which will reduce the term by a minimum of 5 years. [Reply]
I paid off my mortgage in 2014. What a nice benefit that's been. I also have no car payments. The funny thing is that my credit rating is slowly dropping. Those people like to see people in debt. [Reply]
You can also make mortgage payments biweekly, which will reduce the term by a minimum of 5 years.
Many banks have eliminated part of the benefit of that. They just hold your payment until you have paid enough to pay the full amount for that month. [Reply]
Originally Posted by DaneMcCloud:
Just locked in a Jumbo at 2.9% over 30 years. I took out $100k for renovations and my monthly still went down by more than $100 per month.
Originally Posted by tyecopeland:
Many banks have eliminated part of the benefit of that. They just hold your payment until you have paid enough to pay the full amount for that month.
