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Old 03-20-09, 09:02 PM
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Question Refi advise

So would it be worth it to refinance, our current % rate is 5.625, they are offering 4.75. We currently have a 20 year loan with 18.5 years left on it, the new loan would be a 15 year loan, and the payments would be about $50 less a month. What do you think?
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Old 03-20-09, 09:15 PM
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Yes, yes, yes!! We refi'd in February to go from 6.75% to 4.5%. We went to a bank that holds their own mortgages (doesn't sell them off to another company) so the closing costs were only $299 (plus all of our escrow stuff).

I think it's worth refinancing into the 15 year loan. As Dave says, if you say you're going to pay a 30-year off early, you won't. A 15-year ALWAYS pays off in 15 years!

And it would give you more peace of mind, right? That in itself is worth it.

Rates are awesome right now. If it'll save you $500/month, you can pay off debt or invest that money and you'll have covered your closing costs very quickly.
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Old 03-20-09, 09:20 PM
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My DH just called today and we are doing ANOTHER re-fi! Our bank offered us a deal where if less than 6 months after you close on the mortage, it goes down a half percent, they will do the re-fi for FREE! So we are going from 5.5% to 4.9% and will save more than $100 per month!
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Old 03-20-09, 11:51 PM
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gosh, that sounds like a no-braine to me!
a shorter period, less payments, lower interest...

the only thing I'd be worried about is the value of your house. There are requirements about the amount of the loan vs the value of the home.
If your home has depreciated in value to less than what you owe on it.... then you may have to pay down the loan to get the refi.
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Old 03-22-09, 09:19 PM
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I would definitely jump on it, less years and $50 less on to the bank.
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