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Old 09-28-2012, 11:21 AM
 
Location: Huntsville, AL
922 posts, read 493,237 times
Reputation: 1214

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A little background.
  • Got a $417K, 30 year loan in 11/09 at 4.875%.
  • Refied the entire balance in 11/11 for 15 years at 3.25%.
  • I now owe $397K and can possibly get a 2.75%, 15 year loan, saving around $236 per month in P&I
I plan on staying in the house for at least 18-20 more years so paying back closing fees will happen in a couple of years.

Seems like a no-brainer, but does anyone have any reason why I shouldn't refinance for the 2nd time in a year?
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Old 09-28-2012, 12:36 PM
 
Location: Austin
7,077 posts, read 16,889,211 times
Reputation: 9484
I refinanced in 12/11 and then again last week. It made sense to us.
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Old 09-30-2012, 06:10 AM
 
837 posts, read 1,569,936 times
Reputation: 651
Quote:
Originally Posted by JackF View Post
A little background.
  • Got a $417K, 30 year loan in 11/09 at 4.875%.
  • Refied the entire balance in 11/11 for 15 years at 3.25%.
  • I now owe $397K and can possibly get a 2.75%, 15 year loan, saving around $236 per month in P&I
I plan on staying in the house for at least 18-20 more years so paying back closing fees will happen in a couple of years.

Seems like a no-brainer, but does anyone have any reason why I shouldn't refinance for the 2nd time in a year?
Do it.

I'm at 400k 3.99 30 year, thinking of going to a 15 year at 2.785 but im less inclined just because of the higher mortgage payments. Still thinking about it. If the extra $$$ a month didn't give me pause I'd do it instantly
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Old 05-18-2016, 04:15 AM
 
Location: Montreal
10 posts, read 11,654 times
Reputation: 10
Hi I think you should go with renewal plan, Have you consulted any mortgage brokers?
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Old 05-18-2016, 04:18 AM
 
Location: Montreal
10 posts, read 11,654 times
Reputation: 10
I think you have to get an expert opinion in this matter even though this is not about rocket science.
I think you have fair credit score and you need continue in same house,So I prescribe you to go with a renewal plan.
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Old 05-18-2016, 07:19 AM
 
736 posts, read 562,439 times
Reputation: 696
This is not basketball where "ball don't lie" .

Numbers don't lie. Your costs are recouped within 2 years and you'll stay 18-20..

Just do it like Nike would. I am in a catch phrase mood.
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Old 05-18-2016, 08:55 AM
 
Location: Phoenix, AZ > Raleigh, NC
14,297 posts, read 17,497,824 times
Reputation: 22122
You guys realize that this thread is from four years ago, right?
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Old 05-18-2016, 09:12 AM
 
736 posts, read 562,439 times
Reputation: 696
No difference. Because, a 15-year investment property loan can still be obtained at a 2.75% today. That makes it sad that the Fed can't raise rates enough because we're in a weak economy.
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