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Old 06-18-09, 10:11 AM
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Question Another refinance question


 
I really should know more about this.... but I just DON'T.
 
I just pay the bills & don't question too much.
 


We had/have good credit & got a pretty decent morgage rate when we bought this house... It's in the low 5's. We've had this same morgage for 5 1/2yrs.

FIRST QUESTION...
I don't think it'd be WORTH IT to refinance unless we could get a rate significantly lower than what we have... which is pretty doubtful, right??

OTHER QUESTION...
When you refinance, don't you have to "start over"... does you loan go back to 30yrs to pay it off??
I know you can also get a 15yr morgage... are there any other options? 20yr perhaps?

I really don't want to START OVER with another loan!!

Perhaps when we're at year 15 of our loan, we could look into it.
 
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Old 06-18-09, 10:21 AM
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You can get 20 year loans or a 15 year or even a 30 with the option of paying it down earlier. You basically start over but if you have paid down to about 20 years now and you went to a 15 your payment wouldn't be much different because of the rates.

Actually if you have a 5.5 percent rate it would not be worth it for you to refinance right now.
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Old 06-18-09, 12:04 PM
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We recently refinanced into a 15-year at 4.5%. It's not worth it to refinance if you can't knock at least one whole percentage point off of your interest rate.

Technically, you'd be starting over, unless you refi'd into a 15-year and in that case, you'd be getting ahead if you're currently only 5 1/2 years into a 30-year.
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