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Thinking about refinacing my mortgage as current rates are lower than when I purchased. Guidelines on how much this costs and what you have to do to make it happen?
I'm at 5.5% and my house is a year old. I dont think I'm upside down, Inner Loop Houston has held value.
You should most definitely go and look, since you should be able to get below 4.5%. Depends on your location, amount, etc... If you can refi to a 15yr, you can get below 4%.
Cool. I started Monday on my refi. From 6.75% down to 3.75% 15 year loan. Payments estimated to go up only $9.
That's an excellent choice. I became a big fan of 15-year mortgages after I refinanced to one back in 2001 and saw how fast the principal declined compared to a 30-year mortgage. I am now happy to say that as of one week ago today, I am mortgage-free.
Well I pulled the switch on the refi program today...targeting a 20 year at 4.125% Knocking off 10 years and 1.25% off what I had.
Excellent. Getting it paid off sooner is the way to go.
I'll feel my new freedom for the first time on Nov. 1st, when I don't have to make that payment that I've been making for my entire adult life. I'm sure it will be nice feeling.
You might as well lock in these good rates now. Later, when we have high inflation and interest rates are a lot higher, you'll be sitting pretty.
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