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Old 04-22-09, 11:48 AM
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Originally Posted by savannah33
You don't even have to refinance to a new loan just add to the principal when you have the extra money therefore knocking years off the life of the loan. We had already done that with our 30 year in 3 years we'd got it down to almost a 20 year loan. Now we're refinancing for a 20 year loan at a reduced rate. We will still add extra to the principal when we have it so it'll be a shorter loan.
Extra money? What's that?
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Old 04-22-09, 11:53 AM
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I know! Basically what we did was pay off our second mortgage when we sold our 2nd home( for a while we had 2) then we continued to still pay the larger payments as if we still had 2 mortgages. It's hard on the wallet but we got use to it and wanted to drop that 30 year loan.

Hopefully your dh can find a better paying job and you'll have more money to put toward the loan.
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Thank you savannah33!
DanieH (04-22-09)
Old 04-22-09, 01:12 PM
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definately look into refinancing.
7% is way high for right now so if you don't have a prepayment penalty, you can save a ton of money by refinancing to a 5% loan.

even if DH didn't get a better or different job, that would still be a wise thing to do. No sense in essentially throwing away money into excessive interest rates.
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Thank you skyqueen!
DanieH (04-22-09)
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