Results 1 to 4 of 4
03-20-2009, 05:50 PM #1
If the interest rates go way way down I dont know if we should consider refinancing? We currently have 8 years and 8 months left on a 15 year fixed loan. I was playing around with some numbers and if the rates were to go down to 4% we could save over 500 a month if we went back to a 30 year loan or over 300 a month if we went to another 15 year loan. We really do want this loan paid off but on the other hand we have a 12 year old who we would love to put through college. Am I crazy to even consider it? Hubby thinks I am. But I tell you if the rates go that low I will be really tempted. Is anyone else considering refinancing if the rates go much lower?
married to my honey
mommy to one handsome teenager
mommy to 2 furbabies
no consumer debt, zero, zip nada
mortgage - 56,140.96 pay off date 11/2017
car fund 5,000
heating unit 0
- 03-20-2009, 05:56 PM #2
- Join Date
- Jan 2009
- Post Thanks / WTG / Hug
- Blog Entries
- Rep Power
i wouldnt, 8 years alone is still a long time, your choice though
kindness is unlimited
2012 Goal: get out of debt
debt: about 10,000 | owed: about 10,200
homesteading skill-a-month challenge: january/february/march - hydroponics ; april - solar heater
03-21-2009, 09:55 PM #3
- Rep Power
If you refi it to a 7 or 10 year mortgage, sure. No longer though because then you'll be prolonging the debt and will pay tons more for the longer pay cycle.If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.
Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"
Greebo(Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!
ThreeTwo mortgages, two oneno car loans, oneno credit cards, and a partridge in pear tree!
03-23-2009, 08:18 PM #4
I would get a new 15 year mortage, but ONLY if you will commit yourself to paying it off in the orginal 9 years you have left.
However, please do the math for what this would cost you in closing costs, etc.
I would never trade a 9 year mortage for a 30 year mortage, nor even a 9 year mortgage for a 15 year mortage.
Do the math, if you can recoup the closing costs and associated fees and still pay off in 9 years and save money, then do so. Not certain if a 10 year mortgage is possible, but that is what I would be willing to do above all else.
Honestly thou, you've alredy paid the bulk of the interest on this house anyways, it's defintely loaded in the front, so you really need to look a lot closer that the math.
By RedDeb in forum Dave RamseyReplies: 11Last Post: 11-11-2010, 02:46 PM
By my4littlebuffaloes in forum Health and beautyReplies: 7Last Post: 12-24-2008, 09:31 PM
By Talula31 in forum Debt Reduction & Money ManagementReplies: 5Last Post: 10-10-2008, 07:27 PM
By Bethany in forum Frugal LivingReplies: 9Last Post: 07-14-2008, 11:17 PM
By Michelle in forum Debt Reduction & Money ManagementReplies: 22Last Post: 07-02-2008, 04:32 PM
Tags for this Thread