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View Full Version : Winning!

RACER X
10-03-2012, 04:08 PM
just got confirmation of final approval of refi of the house, dropped 5.5 yrs off the note....same exact payment.

wooo wooo

close next wk, no payment till 12/1
OneSickPsycho
10-03-2012, 04:16 PM
Shit, I need to do that... From what my bank told me, I have the choice between saving $263/mo on another 30-year (I'm only 2.5 years in) or spending $111 more and going with a 15-yr... I'm already over-paying on my current loan by about that much, so it's basically a wash...
RACER X
10-03-2012, 04:32 PM
do a 20yr, thats what we did. we are 4.5yrs into ours

and if you want to overpay, you can.
OneSickPsycho
10-03-2012, 04:35 PM
do a 20yr, thats what we did. we are 4.5yrs into ours

and if you want to overpay, you can.

Yeah, it still costs more though. I figured it out using an online calculator... if we overpay the 30 at the same rate as the 15yr, it would take an additional 18 months to pay off and cost another $28k. It would certainly be better with a 20 year though... I will check it out.

Here's the calc... it's awesome.
http://www.drcalculator.com/mortgage/
Gas Man
10-04-2012, 04:37 PM
I have tried to do that a few times... but LTV is way way off due to the market, so they won't let me. Further, my current loan isn't Fannie or Freddie backed so I don't qualify for the govt backed program.
RACER X
10-04-2012, 05:24 PM
yeah we were worried about LTV also, but the credit union we used, paid for the appraisal up front, so if it didn't hit the number we needed, all we lost was time and paperwork

but the number was way higher then we anticipated.

dunno, they are building like crazy out here, prob. 10-15 houses in my 'hood and all around.

and obviously the county raised my house value higher for tax purposes, so it must be worth more...../sarcasm, only 10% cuz thats the state max for rise in value. prob. another 10% next yr said the tax person. so 20% in 2 yrs.....yeah right.

so anyways maybe our value is going up