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  1. #1
    Moderator beerdart's Avatar
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    Any Mortgage Peeps?

    Any Mortgage peeps out there. Im wondering if it would be a benefit to refi. I have six years left on a 15year loan @ 4.75%


  2. #2
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    I bet there wouldn't be much benefit. I guess it would all depend on what your outstanding loan balance is. You would have to weigh the interest savings versus the new fees associated with a new loan.

  3. #3
    Moderator beerdart's Avatar
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    The outstanding balance is aprox 1/4 of the current value.

  4. #4
    badjoka's Avatar
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    Re: Any Mortgage Peeps?

    Ill call you later.

  5. #5
    83Gator's Avatar
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    +1 on Bryan's analysis: Your P & I may be lower than you're currently paying, but the actual costs of the loan (Point/Orig. Fee, Appraisal, Atty., Title, Recording...) may be more than what you'd actually save.

    I'm in the business and actually came across this very scenario a few years ago. After a lot of effort, I could find no conventional, installment mortgage that offered a rate low enough to justify what the fees would cost, based on my balance at the time.

    Good luck.

  6. #6
    @JC's Avatar
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    Remember too that in the last 6 years of that 15yr mortgage the interest part of the payment is around only 25% of the total monthly payment and is dropping steadily.

  7. #7

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    I just refinanced into 15 year at 3% with no cost for me (or rolling more money into the loan.) In other words, I took a bit of a higher rate in exchange for them paying my closing costs. I suppose it depends where you're at, but this was a no lose situation for me. I could sell my house in 3 months and still come out ahead. So, I think if you worked it right, you'd be fine.

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