| Good time to refinance my mortgage to lower rate? |
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pilaschiet
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| Good time to refinance my mortgage to lower rate? |
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New to this forum. My present mortgage interest rate is 5.85%. We'll pay off our home in approx. 10 years. I want to lower my mortgage rate, but I am not willing to extend my mortgage. In fact, I'd like a lower rate AND to decrease my 10 years to 5 or 7. Is this possible? We have good credit scores. We last refinanced approx 8-9 years ago to decrease the length of time. Thanks
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Mon Jul 16, 2012 11:17 pm |
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littleroc02us
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I don't know of a mortgage of less then 10 years. My credit union offers 10 year mortgages though. From your prior actions it appears that your trying to absolve this mortgage so what I would do is refi to a 10 year and then pay extra toward the loan? Or I why not just pay additional principal each month?
Risk comes from not knowing what you're doing. (Warren Buffet)
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Tue Jul 17, 2012 2:10 pm |
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Max G
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Location: NY
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You don't need to refinance for 5 or 8 years specifically. You can just get a standard 15 year mortgage at around 4% these days and just pay double the amount every month. That would pay off your mortgage really quick. There are bunch of mortgage calculators online (google it) where you can figure out the exact payment you need to make to pay your x% mortgage off in y years.
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Wed Jul 25, 2012 6:35 pm |
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robinson1983
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Location: New York,New York
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I don't think you can do that thou.You mean you want to lessen the cost of your mortgage as well as the exact price of your Investment.If you want to do something with your Mortgage,I think it would be wise to consult experts like Ed Butowsky for better Investment plans.
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Tue Aug 28, 2012 8:53 am |
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