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+--- Thread: Re-Fi with 10 years left on mortgage? (/showthread.php?tid=263687)
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Re-Fi with 10 years left on mortgage? - mrbigstuff - 01-27-2022
I'm still researching this, and not sure what rate we'd get, but my question has more to do with the timeframe. Will a lender push for longer periods, typically? I don't want to extend the timeframe, but halving that to 5 would probably not be possible. I'm trying to plan for kids in college in a few years, so that is a factor in all of this (some say debt is good under those circumstances).
Re: Re-Fi with 10 years left on mortgage? - Will Collier - 01-27-2022
It's less a matter of what they'll "push for" as it is what they'll offer, and under what terms. Find a lender you like (check their other rates if you don't see the term you want) and just ask. Worst thing that can happen is they'll say no.
Re: Re-Fi with 10 years left on mortgage? - Paul F. - 01-27-2022
No harm in checking with your lender...
I'd be looking more seriously at trying to pay off the mortgage entirely, either under the present terms, or, if you do refinance, doubling the (hopefully smaller) payments to pay the principle down as fast as possible.
I'm in the "there is no 'good debt', but some debt is worse than others" camp. NO mortgage is better than the best interest rate in the world - but, if you need the cash you'd use for the mortgage increased pay-down/off for something else, then it can be acceptable to carry the mortgage. Better to pay it off, though.
Re: Re-Fi with 10 years left on mortgage? - anonymouse1 - 01-27-2022
I’d do it only if, after fees, you can get a Lower enough rate that you net out spending less than under your cutmrrent mortgage. Oh, and it will bump up the mortgage deduction, if you take that.
Re: Re-Fi with 10 years left on mortgage? - graylocks - 01-27-2022
Consumer advocate Clark Howard often says credit unions are a good source for 10 year mortgages. Big banks don't seem to like them.
Re: Re-Fi with 10 years left on mortgage? - mattkime - 01-27-2022
You need to shop around. Almost nobody does this but it pays. Applying for one mortgage is roughly the same amount of work as applying for two or more.
Start with bankrate - https://www.bankrate.com/mortgages/10-year-mortgage-rates/
Its really not about what they'll 'push' for, its what you'll sign. They're just going to turn around and sell it and they'll factor that into any fees (or credits) you're given.
It would be worth it to know how your mortgage would factor into FAFSA.
And you should carefully recalculate whether you'll save money after any fees involved.
Re: Re-Fi with 10 years left on mortgage? - Gareth - 01-27-2022
You could do a 15 year and then adjust the payment amount to pay it off in 10 years, if that makes financial sense.
But yea, make sure to take into account the fees and such.
Rocket Mortgage keeps calling my wife to refinance her house. They can't seem to keep it in their records that we just refinanced with them last year and it's a rental, so it'll have a higher rate. So, their latest genius move was to offer $30k cash out, with a higher rate, $15k in closing costs, and a payment over $200 higher per month. Um... no...
Re: Re-Fi with 10 years left on mortgage? - Gareth - 01-27-2022
mattkime wrote:
You need to shop around. Almost nobody does this but it pays. Applying for one mortgage is roughly the same amount of work as applying for two or more.
Yup, despite my previous complaint about Rocket Mortgage, the good thing they did when we refinanced is matched the rate. We had done a lot of the paperwork with another lender when Rocket called. Since the mortgage was already with Rocket, it was less paperwork to refinance and they pretty much matched the other lender (who was asking for too much paperwork and it was becoming a hassle).
Re: Re-Fi with 10 years left on mortgage? - lost in space - 01-27-2022
Credit union credit union credit union!
Re: Re-Fi with 10 years left on mortgage? - richorlin - 01-27-2022
I think you’ll be hard-pressed to find any credit union offering less than 15 year mortgages.