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  1. Debt Reduction & Money Management
    How do I fiqure if we would save more money by refinancing or paying extra principal ? Now that all credit card debt is paid we need to take care of the mortage. We need it paid before we retire. so 7 to 12 years Our interest rate is 6.1 we have great credit, We owe about 46,500 and I...
  2. Question and Answer
    We need suggestions on refinancing our home. We paid 72k for our house about 9 years ago, and currently owe 55k. House appraises around 100k. Rate is 5.75. With the low rates now we are talking about refinancing but not sure how or if we need to do it. We would like to build a house in the...
  3. Dave Ramsey
    We have a mortage at 6.5%. We've been paying on it for 11 years and we have plenty of equity in the house. We have credit card debt of approximately $35,000! Should we refinance our home to a lower interest rate and pay off the credit card debt? Or should we just continue on and try to debt...
  4. Dave Ramsey
    First off, I'm new here - just found you all on a DR google search. So, hello! Second, I'd appreciate any input as I have been tossing these ideas about in my head and had a firm decision, til I found Dave's advice. Okay, the facts first: Our current mortgage is $82k down from $90...
  5. Debt Reduction & Money Management
    Okay, here's the sitch: We want out of this house. I really want to move into the neighboring town to get the kids into a better school district. However, we need to fix the bathroom and the front window before anyone would even consider buying this place. So, here are our options: 1)...
  6. Debt Reduction & Money Management
    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...
  7. Debt Reduction & Money Management
    Years ago when we refinanced we learned unfinished projects decrease the value of the house. The bank would have to PAY someing to come finish the work Our 3/4 finished basement lowered the value of the home more than if we just ripped it all out. So bring it back to now.. We are working hard...
  8. General Chat
    As some of you may know, DH and I are refinancing our house, going from a 30-year mortgage at 5.5% to a 20-year mortgage at 4.875%. Our loan officer phoned yesterday to let us know that she is leaving our mortgage lending co. and going to a mortgage brokerage house. She said she would be happy...
  9. Question and Answer
    A poster mentioned about refinancing to get a lower interest rate on their mortgage..My (our) interest rate is 6% for 30yrs and I would love to get a even lower rate but I don't know if we can since we just bought the house in Oct....Any help would be great.. p.s. We got a VA loan..
  10. Debt Reduction & Money Management
    We are currently in a 6%fixed rate 30 yr mortgage with 23 yrs left. Should I try to refinance on a 20 yr loan? I don't think I could afford a 15 yr. Thanks for your help......
  11. Debt Reduction & Money Management
    DH and I were able to refinance into a 20-year fixed mortgage at 4.875 percent, which knocks 5 years off of our 30-year mortgage immediately and nearly $60,000 in total costs. And this is if we don't pay a cent extra each month, which we plan to do. By paying a bit extra, we effectively will...
  12. Health and beauty
    We are in a 30 year mortgage, having paid just 2 years on it. Our rate is at 6.25%. I am trying to decide if we should refi or not. We could get a rate of around 5% or maybe less. There are 2 options. The first would be a 30 year fixed and would lower our payment by $250 a month. We would...
  13. Health and beauty
    If the rates really do drop to 4.5 how do I know if it really is good to refinance ? we are at 6.125 21 yrs left on a 30 yr fixed (52000) plus a heloc of 7000 at 5 something we do have good credit so we should quailfy for the low rate if it happens. The original plan was to refinance after...
  14. Debt Reduction & Money Management
    Our house payment is $490 a month. We've been here 10 years, bought the house for $55,000. We have a loan with the house as collateral- we pay $266.20 a month, it's a 10 yr.loan, think it will be 3 years in Dec.(the balance is $14, 300 or somewhere close to that). With the CC debt, min. payments...
  15. Frugal Living
    This is a question that only my husband and myself can answer, but please give me your two cents. We live in an OLD house. We have a 15 year mortgage on it with ten years to go. If we keep this mortgage, we will be done paying by the time we're fifty. Sounds good so far, right? Well, we need...
  16. Debt Reduction & Money Management
    We were really backed up against the wall when Dave bought his car, and I'd love to get a better interest rate to pay it off sooner, just don't know if it's worth it, how it works, etc. TIA :)
  17. Dave Ramsey
    I have a bad mortgage loan at the moment, a whopping 7.4%. I want to refinance, and the 15 year options looks enticing at 5.5%! Problem is that my monthly payments will go up. I could afford to meet this increase, but I am doing the debt snowball now, and I am afraid that the extra payments...
  18. News you can use
    Why it's not too late to refinance Earlier this year, when mortgage rates dipped below 6% for the first time since 2005, homeowners rushed to refinance costlier loans. In fact, more than six out of 10 mortgage applications so far this year have been for refis.
  19. Debt Reduction & Money Management
    We are refinancing a 6.75% 30-year loan to a 5.125% 15-year loan. We owe $118,000 on our home. The house will appraise for at least $175K. (Hopefully, $190,000). My wife and I would like to take "Cash Out" on a new $140K loan. The cash will pay off most of our childrens Florida PrePaid...
  20. Dave Ramsey
    We are refinancing a 6.75% 30-year loan to a 5.125% 15-year loan. (Dave would be happy.) We owe $118,000 on our home. The house will appraise for at least $175K. (Hopefully, $190,000). My wife and I would like to take "Cash Out" on a new $140K loan. The cash will pay off most of our...
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