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should i refi?

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  • should i refi?

    considering refinancing my mortgage, anyone else looking?



    currently i am at 4.875% with a 123k remaining balance. zillow and property tax records value the home in the upper 140s but i am not looking to take any money out, just want to lower my rate and get this debt paid off quicker. i am getting other quotes but the bank i work at has proposed 3.375% with only 1900 in closing costs (rolled into new loan) and i would only have 350 in out of pocket expenses for an appraisal.



    right now i am paying 150 extra each month and still plan to do that (or more) moving forward either way. i plan to keep the house for the long haul; possibly renting it out if i ever decide to move.



    I had them amortize my exsisting loan vs what they are proposing. if i stick with my current loan i will be paid off in 228 months, they have the new loan getting paid off in 189 months but that would be even sooner because i would get a refund from my current escrow that i can apply directly to the balance.







    what do you think? seems like the no brainer decisions always have other things to think about which is why i am asking.



    thanks,



    bill
    strat strat tele PRS agile gretsch martin

    WINNER HCAF BEST RACK RIG 2012!!!!!!!

    fender blues deluxe > whitebox 212

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  • #2
    Sounds like we have the same house, same rate, and same remaining amounts.
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    • #3
      Sounds like we have the same house, same rate, and same remaining amounts.
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      • #4
        honestly dont see any reason why you wouldn't
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        • #5
          honestly dont see any reason why you wouldn't
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          • #6
            do it and setup half payments, bi-monthly and that will reduce # of years. i think on a 30-year loan it knocks off 7 years. this is b/c you are paying half of your mortgage on the first of the month, before interest accrues on your mortgage by the end of the month. i just refinanced from 4.875 to 3.625 and went 20-year loan, bi-monthly and will have it paid off in 15 years.
            - Adam

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            • #7
              do it and setup half payments, bi-monthly and that will reduce # of years. i think on a 30-year loan it knocks off 7 years. this is b/c you are paying half of your mortgage on the first of the month, before interest accrues on your mortgage by the end of the month. i just refinanced from 4.875 to 3.625 and went 20-year loan, bi-monthly and will have it paid off in 15 years.
              - Adam

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              • #8
                If the value of the cash flow from the amount saved month over month is greater than the cash outlay--$1900-- then yes. In other words, would you pay $1900 to receive the saved monthly amount?

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                • #9
                  If the value of the cash flow from the amount saved month over month is greater than the cash outlay--$1900-- then yes. In other words, would you pay $1900 to receive the saved monthly amount?

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                  • #10






                    Quote Originally Posted by Kenny Powers
                    View Post

                    honestly dont see any reason why you wouldn't




                    yeah i know. i just hate to make such a large decision without doing as much research as possible.





                    i would have to time the appraisal correctly but that is not a huge deal.







                    +1 on paying every 2 weeks, that really helps out.
                    strat strat tele PRS agile gretsch martin

                    WINNER HCAF BEST RACK RIG 2012!!!!!!!

                    fender blues deluxe > whitebox 212

                    Good Transactions: Dehumanize, Jimosity, Panther King, Vangkm, Ejendres, Killindux, Colejustesen, SDMFVan, twisty571, dolf

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                    • #11






                      Quote Originally Posted by Kenny Powers
                      View Post

                      honestly dont see any reason why you wouldn't




                      yeah i know. i just hate to make such a large decision without doing as much research as possible.





                      i would have to time the appraisal correctly but that is not a huge deal.







                      +1 on paying every 2 weeks, that really helps out.
                      strat strat tele PRS agile gretsch martin

                      WINNER HCAF BEST RACK RIG 2012!!!!!!!

                      fender blues deluxe > whitebox 212

                      Good Transactions: Dehumanize, Jimosity, Panther King, Vangkm, Ejendres, Killindux, Colejustesen, SDMFVan, twisty571, dolf

                      Comment


                      • #12
                        definitely do it man. You can do better than 4.8% these days.
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                        • #13
                          definitely do it man. You can do better than 4.8% these days.
                          http://www.guitarampboard.com

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                          • #14
                            Yeah, if youre getting a better rate, and your pay off is 39 months quicker (thats over 3 years!!) Id do that **************** in a heartbeat.
                            Peavey ESP DiMarzio

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                            • #15
                              Yeah, if youre getting a better rate, and your pay off is 39 months quicker (thats over 3 years!!) Id do that **************** in a heartbeat.
                              Peavey ESP DiMarzio

                              I get my tubes from ValveQueen...you should too!!

                              Good Transactions

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