Posted on: 19th Jul, 2010 03:33 pm
p.s. I just got some quote. For my residential home I currently pay $747 (principle + interest) for a 30 year term. The 15 year option would allow me to pay the same amount, but at the rate of 4.25%. I would pay $1,146.57 including tax and insurance (now it is $1,103). Closing cost is roughly $3,452 (they said I will get some credit back as for my escrow). The 20 year option is at 4.375 % and the payment is $610.
For the rental property I am paying $698 (principle + interest) for a 30 year fixed term. They said they cannot get over 75% loan for this one, and I do not intend to keep this house long. So we can forget about it.
Thanks so much!
For the rental property I am paying $698 (principle + interest) for a 30 year fixed term. They said they cannot get over 75% loan for this one, and I do not intend to keep this house long. So we can forget about it.
Thanks so much!
Hi tagotago!
Welcome to forums!
If you plan to stay in your residential home for a longer period of time, then it would be a good option to refinance the mortgage. This will help you in getting a lower interest rate and you would be able to save money over the term of the loan period. Also, staying in the property for a longer period of time will help you in offsetting the closing costs even. If you can afford to pay off the loan dues as offered to you under the 15 year option, then you should go for it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you plan to stay in your residential home for a longer period of time, then it would be a good option to refinance the mortgage. This will help you in getting a lower interest rate and you would be able to save money over the term of the loan period. Also, staying in the property for a longer period of time will help you in offsetting the closing costs even. If you can afford to pay off the loan dues as offered to you under the 15 year option, then you should go for it.
Feel free to ask if you've further queries.
Sussane