+- MacResource (https://forums.macresource.com)
+-- Forum: My Category (https://forums.macresource.com/forumdisplay.php?fid=1)
+--- Forum: Tips and Deals (https://forums.macresource.com/forumdisplay.php?fid=3)
+--- Thread: What to ask or know before mortgage refinancing? (/showthread.php?tid=89380)
Re: What to ask or know before mortgage refinancing? - ztirffritz - 12-11-2009
I've owned my home for about 7 years and I've paid down about 1/3 of the principle so far. I just refinanced so that I can pay it down even faster.
Re: What to ask or know before mortgage refinancing? - Jimmypoo - 12-11-2009
ask whether your sideline of dealing crystal meth has any impact, even though the income is
not reported, that they know that you could actually pay off the house in cash if need be.
Assure them the lab is not in the basement under the basement. That just spontaneously showed up.
Re: What to ask or know before mortgage refinancing? - Black - 12-11-2009
ztirffritz wrote:
I've owned my home for about 7 years and I've paid down about 1/3 of the principle so far. I just refinanced so that I can pay it down even faster.
That's a good point.
If you could theoretically reduce your payment from $1800 to $1400 that's $400 extra you could pay in principal every month.
Re: What to ask or know before mortgage refinancing? - AlphaDog - 12-11-2009
Black wrote:
[quote=ztirffritz]
I've owned my home for about 7 years and I've paid down about 1/3 of the principle so far. I just refinanced so that I can pay it down even faster.
That's a good point.
If you could theoretically reduce your payment from $1800 to $1400 that's $400 extra you could pay in principal every month.
Um, guys, I believe I said that in the second post to this thread. What? You guys don't pay attention to girls?
AlphaDog wrote: Now, if you reset that clock with a lower rate and continue to pay the same amount each month, I'd say you'd definitely come out ahead, because any excess will go directly toward principle.
Re: What to ask or know before mortgage refinancing? - Black - 12-11-2009
AlphaDog wrote:
[quote=Black]
[quote=ztirffritz]
I've owned my home for about 7 years and I've paid down about 1/3 of the principle so far. I just refinanced so that I can pay it down even faster.
That's a good point.
If you could theoretically reduce your payment from $1800 to $1400 that's $400 extra you could pay in principal every month.
Um, guys, I believe I said that in the second post to this thread. What? You guys don't pay attention to girls?
AlphaDog wrote: Now, if you reset that clock with a lower rate and continue to pay the same amount each month, I'd say you'd definitely come out ahead, because any excess will go directly toward principle.
You just think we don't pay attention because we're guys :-)
Re: What to ask or know before mortgage refinancing? - M A V I C - 12-11-2009
ztirffritz wrote:
I've owned my home for about 7 years and I've paid down about 1/3 of the principle so far. I just refinanced so that I can pay it down even faster.
Was it a 30yr mortgage? Have you been making extra payments? You sure refinancing will help you pay it down faster than a modification?
Re: What to ask or know before mortgage refinancing? - Black - 12-11-2009
Actually, unfortunate combination of male brain (i.e. short attention span for anything not prominently featuring nudity) and dense block of text there, a-doggy.
You might fare better with a little un-blocking, e.g.:
The question I'd have couldn't be answered by someone else.
OK, so the monthly payments would be lower, but the clock would be reset. How long have you had the mortgage? Is this really a better deal financially in the long run?
Only you can answer that, because you have all the numbers. If you have a mortgage with a particularly high interest rate, you can come out ahead. However, if the difference between the current interest rate and the new rate isn't much, you might come out paying more.
Like I said, you've got all the numbers. Now, if you reset that clock with a lower rate and continue to pay the same amount each month, I'd say you'd definitely come out ahead, because any excess will go directly toward principle.
Re: What to ask or know before mortgage refinancing? - Black - 12-11-2009
M A V I C wrote:
[quote=ztirffritz]
I've owned my home for about 7 years and I've paid down about 1/3 of the principle so far. I just refinanced so that I can pay it down even faster.
Was it a 30yr mortgage? Have you been making extra payments? You sure refinancing will help you pay it down faster than a modification?
Modifications are available to very few individuals-- it's lucky for you that you got one but I would not present it as if it were just another viable option.
Re: What to ask or know before mortgage refinancing? - M A V I C - 12-11-2009
Black wrote:
[quote=M A V I C]
[quote=ztirffritz]
I've owned my home for about 7 years and I've paid down about 1/3 of the principle so far. I just refinanced so that I can pay it down even faster.
Was it a 30yr mortgage? Have you been making extra payments? You sure refinancing will help you pay it down faster than a modification?
Modifications are available to very few individuals-- it's lucky for you that you got one but I would not present it as if it were just another viable option.
In some cases, modifications are easier to get than refinances. Many people I know who couldn't get a refinance were able to get a modification through their lender. Since it costs less than a refinance and doesn't reset amortization, it's often best to try it first. If someone can't get one, then they can always try a refinance. The reason I went with a modification was because I could't get a refinance.
Re: What to ask or know before mortgage refinancing? - AlphaDog - 12-11-2009
You know, I'm getting even more confused about these "modifications" than I thought. I was under the impression that modifications were for people with financial need, not financial want. If someone can qualify for a refinance to a lower rate at no cost, why would they want to go through a modification process similar to what you described?