Thu Mar 19, 2020, 09:04 PM
VarryOn (2,343 posts)
While you're like me and shut in, take some time...
To look into whether a refi on your mortgage makes sense. My back-of-the-envelope analysis shows I'd net approx.$68 a month in extra cashflow. Maybe worth it. Might be a good use for the check we'll be getting...supposedly.
Anyway, a thought.
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4 replies, 1043 views
Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
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Author | Time | Post |
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VarryOn | Mar 2020 | OP |
marlakay | Mar 2020 | #1 | |
pat_k | Mar 2020 | #2 | |
VarryOn | Mar 2020 | #3 | |
msongs | Mar 2020 | #4 |
Response to VarryOn (Original post)
Thu Mar 19, 2020, 09:08 PM
marlakay (10,445 posts)
1. Rates are low but I am seeing
Large refinance fees like $2300 or more. I checked into it and we already have 4.1 and bank giving out 3.9 for regular loans.
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Response to VarryOn (Original post)
Thu Mar 19, 2020, 09:16 PM
pat_k (9,292 posts)
2. Compare total interest to be paid on remaining...
...vs. total interest over life of the new loan. Even with lower interest rate and lower monthly payment, you can "lose" in the long run.
Remember, in the initial years of a loan, very little of your payment goes toward paying down principle. If you are several years into repayment, you are paying more toward principle each month. Not always beneficial to "start over." |
Response to VarryOn (Original post)
Thu Mar 19, 2020, 09:19 PM
VarryOn (2,343 posts)
3. It's not a 'for sure' thing for us...
But definitely something I'm exploring. Might take a few weeks for rates to settle down.
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Response to VarryOn (Original post)
Thu Mar 19, 2020, 09:28 PM
msongs (65,210 posts)