When we bought this house it was on a 30 year loan. After paying for two years we refinanced it to a 20 year loan. Now we have been paying on the 20 year loan for two years and Im considering refinancing it to a 10 year loan. The payments would increase by $500 a month but the savings on the interest would be HUGE. Anyway...just pondering...
Pondering Home Refi
August 24th, 2006 at 10:23 pm
August 24th, 2006 at 11:24 pm 1156461881
August 25th, 2006 at 01:13 pm 1156511602
Unless you have the type of mortgage that forbids paying off early without a prepayment penalty, if I were you, I would leave the mtg as it is and just pay an extra $500 with your regular mtg. payment each month, making sure you tell the mtg. co. to apply it to your principal. You'll still save all that interest and won't be putting yourself into a potentiol bind.
August 25th, 2006 at 07:22 pm 1156533736