Time to Refinance?
Everybody's situation is different. Will you keep the home until it's paid off or will you sell it in a couple of years?
Have you looked at an amortization program to make comparisons? I have questionss about saving $500 per month with a one percent reduction in interest -- how much is your mortgage, 2 million $$ ??
Perhaps a chunk of that saving is no longer paying Private Mortgage Insurance (PMI)?? If so, that's a plus.
[This message has been edited by rpxlpx (edited December 10, 2002).]
Most people never pay a 30-year loan to the end, whether it's in 30 years or 24.
IMO, the information presented here is not enough for anyone to say absoloutely for certain whether it's a good idea to do this refinance.
I'm still questioning that 500 per month improvement with a 1% drop in rate. It appears to me that at current rates, you improve by 500 per month on a loan of around 900K$. And I suspect that the poster isn't refinancing a million-plus dollar house. (could be wrong, though)
If I'm right, where's the difference coming from? a reduction or removal of PMI? a misleading number that leaves out taxes and insurance?
There's just not enough info here to give conclusive advice.
[This message has been edited by rpxlpx (edited January 06, 2003).]
- 15 Old House Features We Shouldn't Abandon
- 17 Tiny Bathrooms We Love
- Make Your Bed: 9 DIY Headboards
- Insanely Easy 60-Minute Home Improvements
- Space-Saving Solutions for Tiny Bedrooms
- 9 Perfect Color Combos for Your Home
- 22 Tiny Houses We Love
- See the Most Highly Anticipated Colors for 2015
- What's the Best Color for Living Rooms?
- Favorite Space-Saving Double-Duty Furniture
- 10 Low-Cost DIY Home Security Solutions
- Redecorate Without Spending a Dime: 10 Ideas
- 10 Houseplants You Can Grow Anywhere
- 9 Amazing Mobile Home Makeovers
- 10 Doable Designs for a DIY Rug
- 9 Alternative Uses for Toothpaste
- Live Large in a (Very) Small Space
- 8 Cheap and Unique DIY Nightstands
- 15 Eye-Catching Options for Your Front Door
- Supersize Your Small Bath with 8 Pro Tips
- Don't Try This at Home: 7 Dangerous DIYs
- 10 Simple Woodworking Projects
- Is There Anything Vinegar Can't Do?
- 7 Incredible Uses for Salvaged Lumber
- 12 Tiny Gardens You Can Grow on a Tabletop
- 16 Sneaky Storage Ideas
- 10 Surprisingly Smart Solutions for Junk Drawers
- Bright & Bold Colors for Your Front Door
- DIY Bookcases: 16 Easy Project Ideas
- Don't Make These 7 Fireplace Mistakes