Posted on: 30th Mar, 2009 07:28 pm
I have 6.8% now and I would go to a 4.8% on a 30 year with
3100.00 due at closing. Is this going to help me save in the long run? I think it will because I will be able to apply the extra to principle. Right? Also I just got married will that
effect my refinancing? I don't want him to get my house.
3100.00 due at closing. Is this going to help me save in the long run? I think it will because I will be able to apply the extra to principle. Right? Also I just got married will that
effect my refinancing? I don't want him to get my house.
Welcome pmiller!
I think your best bet if you decide to refi is to take your new loan out for 20 years as opposed to extending out to 30 again and trying to apply the extra towards principal. So many people say they will make higher payments or and extra payment when they can and never end up doing so. If you original loan was 6.8 and you can now get 4.8 I bet a 20 year now will be a lower payment than what you're paying already. I don't know for sure but it's definately worth checking out. Someone else may be around who can crunch the numbers for you. How much do you currently owe and how much is your home worth.
As far as the husband, Is he really the right guy for you... :wink:
I think your best bet if you decide to refi is to take your new loan out for 20 years as opposed to extending out to 30 again and trying to apply the extra towards principal. So many people say they will make higher payments or and extra payment when they can and never end up doing so. If you original loan was 6.8 and you can now get 4.8 I bet a 20 year now will be a lower payment than what you're paying already. I don't know for sure but it's definately worth checking out. Someone else may be around who can crunch the numbers for you. How much do you currently owe and how much is your home worth.
As far as the husband, Is he really the right guy for you... :wink:
hi pmiller,
whether a refinance would help you in the long run would depend upon how long you want to stay in this property. if you want to move away from the property within a short period of time, then refinancing will not help you much as you'll have to pay a huge amount as closing costs.
however, if you are planning to stay in the property for a longer period of time, then you can refinance. getting married will not affect your refinancing. you should not include your husband's name in the mortgage when you are refinancing.
thanks
whether a refinance would help you in the long run would depend upon how long you want to stay in this property. if you want to move away from the property within a short period of time, then refinancing will not help you much as you'll have to pay a huge amount as closing costs.
however, if you are planning to stay in the property for a longer period of time, then you can refinance. getting married will not affect your refinancing. you should not include your husband's name in the mortgage when you are refinancing.
thanks
