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Currently I have a VA loan through Citimortgage. I bought the home in mid 2010 for 239,xxx at 5% fixed. With taxes, etc, my monthly payment is currently $1804 Currently I still have $231,xxx left on the loan.
I was looking at USAA, who I am a member of, and one of the options they give me to apply for is this:
Look I know you interest rate will go down from 5 to 3. Something percent.
But all these added fees means you are right back where u started in terms of the original amount owed on the loan?
I guess like you said. 31 months is break even point. But....rolling fees into the loans is not the optimal thing to do if u are a serial refinancer.
That is the negative of it. Fees and basically starting over to when I bought the place in 2010. But the reduced payments would almost make it seem worth it. Ive never refinanced before and this is my first mortgage. The current time we live in, with very low rates, are going to end eventually, and I dont think ill ever get this chance again. Or maybe im just ignorant in thinking that, I dont know.
You are also extending the loan term by 2.5 years. What would be the total payments plus closing costs on the new loan for 30 years vs your current loan for 27 1/2 years?
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