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Refinance question

C

cindylou

Fancy
EF VIP
I have a current 30 year loan at 6.125% and I want to refinance to 4.65%. I've lived there 3-4 years so I've paid on it about that long (not that long lol)

When I went in and talked to the guy I wanted to do 20 years (I acutally wanted to do 15 but my husband didnt) and the guy told me to do a 30 year and pay the extra that the 20 year payment would be....

wtf? Why would he tell me to do that?? I dont plan on being there more than 4 more years so I need the best short term option. I effing HATE refiancing, it was such a confusing mess last time I did it on my other house, I wouldnt do it this time if it wasnt so low...I like to just leave well enough alone. lol.
 
That is a good solution. The extra payment will be very little and it gives you the flexibility to pay it when you want.

I always finance for 30 yrs but rarely have the note longer than 10 yrs.
 
billfred said:
That is a good solution. The extra payment will be very little and it gives you the flexibility to pay it when you want.

I always finance for 30 yrs but rarely have the note longer than 10 yrs.
Click to expand...

You do? I just have to be sure that I have the dicipline to pay considering I really really wanna be out of the house soon and I need to have the most equity in the home that I can

or whats better, taking the money that I save and put it in savings for a lot purchase or putting it towards my equity? I guess it doesnt matter.

blah.
 
get ready to be rung through the ringer

lenders are tightning their belts, making people with perfect credit and liquid assets jump through hoops.

My buddy and my parents went through months just to get their loans, and I'm talking months. It's a nightmare
 
cindylou said:
You do? I just have to be sure that I have the dicipline to pay considering I really really wanna be out of the house soon and I need to have the most equity in the home that I can

or whats better, taking the money that I save and put it in savings for a lot purchase or putting it towards my equity? I guess it doesnt matter.

blah.
Click to expand...

yeah.. you would be surprised how little extra you have to pay to reduce the term by 10 yrs.

Why not go 15 and get lower interest? Because it is not that much lower and you never know if you will hit hard times and need the lower payment. Gives you flexibility.
 
ortiz34 said:
get ready to be rung through the ringer

lenders are tightning their belts, making people with perfect credit and liquid assets jump through hoops.

My buddy and my parents went through months just to get their loans, and I'm talking months. It's a nightmare
Click to expand...

Yeah I know, it wont close until September
 
billfred said:
yeah.. you would be surprised how little extra you have to pay to reduce the term by 10 yrs.

Why not go 15 and get lower interest? Because it is not that much lower and you never know if you will hit hard times and need the lower payment. Gives you flexibility.
Click to expand...

Okay...I just feel like Im rebuying the house though and starting over....is that not the case? There is no differnce on interest between the 20 and 30 year thats why the guy told me to do the 30

what about the interest I've paid the past 3 years?

The value of my home keeps dropping and I need to keep up so I can sell it when I want to. Blah!

This house is not my forever home.....

sorry im not good at this stuff.
 
Cindy,


I have a 30 year mortgage, but I also pay an additional 500 per month towards the principal. Doing that is going to cut my 30 year down to a 15 year mortgage.

Let me see if I can find that calculator that will tell you how much time you can shave off your mortgage by paying X amount towards the principal.
 
thanks mitch.

if I refinacen for another 30 years though, am i not starting over? i guess thats the mental block i cant get past
 
cindylou said:
thanks mitch.

if I refinacen for another 30 years though, am i not starting over? i guess thats the mental block i cant get past
Click to expand...

no... because you are refinancing a lower principal amount than the original loan. you will have lower payments and the same principal owed on the loan. Who cares what the term is - you are not staying there for the term anyway.
 
Thanks mitch, the difference in equity would be 100ish bucks between the two 3 years from now, but I have the option to hold off payments if I ran into hard times. thanks
 
Yeah, with your statement they have an "additional principle" box

Send in the extra you want to pay and it will pay oof your loan much faster
 
billfred said:
no... because you are refinancing a lower principal amount than the original loan. you will have lower payments and the same principal owed on the loan. Who cares what the term is - you are not staying there for the term anyway.
Click to expand...

thanks so much billfred - I was going to finance my next home for 15 years but I'm now rethininking that too!!!

In three years I'm looking at a price that will be more sellable too so Im really happy with that. Really happy with that calculator.....
 
cindylou said:
I have a current 30 year loan at 6.125% and I want to refinance to 4.65%. I've lived there 3-4 years so I've paid on it about that long (not that long lol)

When I went in and talked to the guy I wanted to do 20 years (I acutally wanted to do 15 but my husband didnt) and the guy told me to do a 30 year and pay the extra that the 20 year payment would be....

wtf? Why would he tell me to do that?? I dont plan on being there more than 4 more years so I need the best short term option. I effing HATE refiancing, it was such a confusing mess last time I did it on my other house, I wouldnt do it this time if it wasnt so low...I like to just leave well enough alone. lol.
Click to expand...

If you're only going to be there for 4 years it may not make sense for you to refinance. The amount you'll add to your balance with the fees could be more than what you'll save each month or you could just break even. Depending on what you owe, that is.
 
jnevin said:
If you're only going to be there for 4 years it may not make sense for you to refinance. The amount you'll add to your balance with the fees could be more than what you'll save each month or you could just break even. Depending on what you owe, that is.
Click to expand...

with closting costs and fees and junk I'll break even in one year so I'll start saving money at the beginning of year 2...but my main motivation is getting out a baloon mortage due in 6 years.. not that I would still be in the house...but ya never know, I was told that I could "always refinance" but fuck, maybe I wont. I dunno. I might still be there even though I wasnt planning on being there....I just dont know. I was waaay too young to be buying a house, I was too focused on not getting fucked SELLING a house, I went in unprepared to buy one.

but thanks for that = thats how I got fucked in my last refinance so Im being careful of that I wish someone had warned me of that then, lol...
 
cindylou said:
I have a current 30 year loan at 6.125% and I want to refinance to 4.65%. I've lived there 3-4 years so I've paid on it about that long (not that long lol)

When I went in and talked to the guy I wanted to do 20 years (I acutally wanted to do 15 but my husband didnt) and the guy told me to do a 30 year and pay the extra that the 20 year payment would be....

wtf? Why would he tell me to do that?? I dont plan on being there more than 4 more years so I need the best short term option. I effing HATE refiancing, it was such a confusing mess last time I did it on my other house, I wouldnt do it this time if it wasnt so low...I like to just leave well enough alone. lol.
Click to expand...


without reading the rest, i've been giving that advice since 1985 when i was in the business.. reason is you don't know what your job and income will be in the next 3 months, let alone the next 20 yrs.. so it's better to pay more to the principle, and be able to pay less if you find yourself strapped..

again, i didn't read the thread, someone probably already gave this reason..

good luck..
 
SpyWizard said:
without reading the rest, i've been giving that advice since 1985 when i was in the business.. reason is you don't know what your job and income will be in the next 3 months, let alone the next 20 yrs.. so it's better to pay more to the principle, and be able to pay less if you find yourself strapped..

again, i didn't read the thread, someone probably already gave this reason..

good luck..
Click to expand...

Thanks SpyWizard!
 
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