Worcester/Boston Social Thread
Holy Crap! looking at Evo's with and for my buddy Matt, found this...think we're going to go take a look at it asap...
There's always fine print. "No closing costs" can still yield a cost attached as we all know. This 4% was with no points. I'm staying where I am anyway. It still wasn't enough for me to essentially throw away payments I've made already to resign on a new note.
Add the number of years you've been paying to your "new" 30 year mortgage and it's likely that you're adding many thousands to your total interest paid, even if you're saving hundreds a month.
It's a good time to try to stretch and get a new 15 year mortgage, pay a couple hundred more a month but save 100k by the time it's paid off.
It's a good time to try to stretch and get a new 15 year mortgage, pay a couple hundred more a month but save 100k by the time it's paid off.
The other way which I prefer is doing a 20, 25, or 30 year and just send extra money whenever possible. You can still keep it to a shorter term(which saves a ton on interest) and have the ability to have a lower payment when times are tough. This obviously requires a financially savvy person with dedication to send extra money whenever they can.
Holy Crap! looking at Evo's with and for my buddy Matt, found this...think we're going to go take a look at it asap...
I would love to a see a 4% loan with no points. I think the market is heading that way on residential owner occupied mortgages with even lower rates, but that rate seems off a few bps.
Last edited by 1slowevo; Jan 6, 2009 at 05:33 PM.
it all depends on your situation. For me, i am only 5 months into my mortgage and i just got a quote for over 1.25% lower then what i am currently paying. I have no problem signing up for 30 years
Holy Crap! looking at Evo's with and for my buddy Matt, found this...think we're going to go take a look at it asap...
Funny thing I see once in a while is if someone is selling a house in the near future (0-2 years) that can hurt the savings quite a bit and is sometimes better to just stay in the current loan.
If anyone has a question about refinancing or any type of loan please feel free to pm me. All stays discrete.
