Comments on: Should I Refinance My Mortgage?

By: Laura Morton

Laura Morton — Tue, 13 Jul 2010 03:21:08 +0000

Now would be a good time to refinance your mortgage. Rates are low. However, a word of caution. You should refinance if it makes economic sense. If you do refinance, opt for a 15 year term and by all means avoid going back to 30 years. Refinancing for 30 years defeats the purpose of the refinance.

By: CarolRose

CarolRose — Sun, 08 Nov 2009 18:05:59 +0000

I forgot something…lol…By the time I would have paid the difference of the 20% cash to refi, the 3k to refi, and the difference in the monthly 5.29% from my new 3.12% for 2010, I would have to live here for YEARS just to break even. I’ll just keep paying the monthly plus some extra toward the principal ea. month.

By: CarolRose

CarolRose — Sun, 08 Nov 2009 17:59:47 +0000

I’m in a different situation. lol. My 5/1 ARM ends 1/1/10. It was 4.8%.. My NEW payment for 2010 will be at 3.12%, dropping my mortgage by $99mo. When I called the bank, they even asked, “why would you want to pay us 2500-3000 to refi at 5.29 for 30 yrs. when all you owe is 90k on the property?” lol On top of that, the property is only worth 66k, so the bank will only finance 80%. My financial adviser says, “you’re in better shape staying where you’re at and letting the loan readjust.” My monthly mortgage payment will be $499. PI

By: Curt

Curt — Sun, 25 Oct 2009 18:56:35 +0000

Go with a 15-year loan. 30-years to too long to commit to anything except a wife. You will still get 5.5 percent and will drastically decrease the amount of interest you will pay over the lenght of the loan.

Also, ask for a streamline refinance loan, which will save you about $2000 in closing costs.

By: Bill

Bill — Fri, 23 Oct 2009 12:06:01 +0000

I came across an online calculator that is a bit more useful that the “typical how long will it take to repay the refi costs?” page. The link appears on this page: http://kalotay.com/calculators

- Bill