| Can I refinance my mortgage |
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vinotht
Member
Cash: $ 4.90
Posts: 23
Joined: 04 Apr 2011
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| Can I refinance my mortgage |
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Hi,
I have a mortgage loan for 20 years already 16 years completed, For my last four year I would like to refinance my current mortgage loan. Is it worth for me. My current mortgage loan's interest rate is 7 % and the new mortgage loan interest will be 6.5% will it worth if i do refinance
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Mon May 02, 2011 5:18 am |
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jennypaul
Contributing Member
Cash: $ 6.60
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Joined: 12 Apr 2011
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Refinancing your mortgage would be a disadvantage is if you extend the term of the loan. If your mortgage was originally 15 years and you extended it to 30 years with the refinance, you will pay more over the course of the loan. This may seem like an obvious statement, but it’s easy to get blinded by the lower payment without looking at the payments over the course of the loan.
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Thu May 05, 2011 7:31 am |
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scot184
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Joined: 15 Jul 2011
Location: Los Angeles, CA
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No don't refinance that late in the term...this is a no-brainer...obviously it wouldn't make sense...just pay off the remaining 4 years.
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Sat Jul 16, 2011 12:09 am |
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coaster
Senior Advisor
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Joined: 11 Oct 2005
Location: Wisconsin
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Nothing's a no-brainer. You have to do the math. I just refinanced from 4.5% to 3.875% with a break-even of under four years, and that includes to the point where equity build matches. Four years for a half percent is most likely not worth it, but always do the math. Never assume it's a no-brainer.
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Sat Jul 16, 2011 5:50 pm |
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