Want a raise?

[Platinumcat]

Have you re-financed yet? The starting point for interest rates are at historic lows. Nothing like saving a couple hundred bucks a month.

Current rates:
30yr: 4.125% (4.274%APR)
15yr: 3.75% (4.009%APR)

General rules of thumb are:
For every $100K in loan value, your payment is reduced $60 for every 1% you reduce your interest rate by.

So, If you owe $200K and reduce your interest rate by 1.5% (not hard to do right now) you could expect your payment to decrease by $180-$190/month. Or, if you are looking at long term gains, you could reduce your payoff timeline to a 15 yr or 20 yr term. This would save your tens of thousands of dollars in the end.

Just sayin'.......

[wbtfg]

Have you re-financed yet? The starting point for interest rates are at historic lows. Nothing like saving a couple hundred bucks a month.

Current rates:
30yr: 4.125% (4.274%APR)
15yr: 3.75% (4.009%APR)

General rules of thumb are:
For every $100K in loan value, your payment is reduced $60 for every 1% you reduce your interest rate by.

So, If you owe $200K and reduce your interest rate by 1.5% (not hard to do right now) you could expect your payment to decrease by $180-$190/month. Or, if you are looking at long term gains, you could reduce your payoff timeline to a 15 yr or 20 yr term. This would save your tens of thousands of dollars in the end.

Just sayin'.......

Thanks for posting...With savings like that, just think how many thundersticks one could purchase.

P.S. Check your PM

[GrizinWashington]

It's essentially Free Money right now. 8 years ago when interest rates were extremely low, we refied to 15 year mortgage at 4.75%. I figured I'd never see rates lower. Because of where I am in my loan (7 years left on a 15), it really doesn't pencil out to refi again, but I did open up a fixed-rate HELOC to lock in the low rates just in case I need some cash.

And Jason is correct; if you can afford it, definitely shorten your term to 15 years. It pinches the budget a little, but when you look at the the (literally) hundreds of thousands of dollars you save, it's so worth it. And man, there is something really rewarding about looking at your statement every month after a few years of payments and watching that principle drop!

[seataccat]

I wonder if it would be worth looking into for me? I have 8 years left on a 15 year mortgage which is 4.75%. Does anyone know if I could get a mortgage at that rate for only eight years, I really want to pay the damn thing off as soon as I can. Although, at that rate maybe I should go for a new 30 year loan and keep my money doing something else.

[GrizinWashington]

I wonder if it would be worth looking into for me? I have 8 years left on a 15 year mortgage which is 4.75%. Does anyone know if I could get a mortgage at that rate for only eight years, I really want to pay the damn thing off as soon as I can. Although, at that rate maybe I should go for a new 30 year loan and keep my money doing something else.

Just my opinion, but I would say that unless you have a lot of debt, it probably doesn't make sense to refi in your situation, seatac. You're hammering your principle; if you refi, you'll just be paying interest. Of course as you state, if your objective is a much small monthly payment, it might make some sense.

[Platinumcat]

I wonder if it would be worth looking into for me? I have 8 years left on a 15 year mortgage which is 4.75%. Does anyone know if I could get a mortgage at that rate for only eight years, I really want to pay the damn thing off as soon as I can. Although, at that rate maybe I should go for a new 30 year loan and keep my money doing something else.

Just my opinion, but I would say that unless you have a lot of debt, it probably doesn't make sense to refi in your situation, seatac. You're hammering your principle; if you refi, you'll just be paying interest. Of course as you state, if your objective is a much small monthly payment, it might make some sense.

I would agree with GinWa. The lowest terms I have available are 10-yr loans. So, stay the course and in 8 years throw a big party!

[Platinumcat]

Have you re-financed yet? The starting point for interest rates are at historic lows. Nothing like saving a couple hundred bucks a month.

Current rates:
30yr: 4.125% (4.274%APR)
15yr: 3.75% (4.009%APR)

General rules of thumb are:
For every $100K in loan value, your payment is reduced $60 for every 1% you reduce your interest rate by.

So, If you owe $200K and reduce your interest rate by 1.5% (not hard to do right now) you could expect your payment to decrease by $180-$190/month. Or, if you are looking at long term gains, you could reduce your payoff timeline to a 15 yr or 20 yr term. This would save your tens of thousands of dollars in the end.

Just sayin'.......

Thanks for posting...With savings like that, just think how many thundersticks one could purchase.

P.S. Check your PM

Did you get my pm back?