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Old 12-15-2008, 07:13 PM
 
Location: Alexandria, VA
12,041 posts, read 21,329,658 times
Reputation: 17934

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Evilnewbie thank you so much for your input - that's what I was looking for, someone to explain. The first mortage is a 30 yr. with about 16-17 left (7%) - second mortage is with credit union at 6.5%. The rate I was given was putting both into the credit union - payment would be about $200 less per month for a 15 yr.
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Old 12-15-2008, 07:19 PM
 
1,989 posts, read 4,022,582 times
Reputation: 1393
FYI-- There's a Mortgage Forum where people who eat, drink, breathe and sleep mortgages will give you their ideas, too. If you haven't already, try posting there. Some of them really know their stuff.
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Old 12-15-2008, 09:17 PM
 
16,308 posts, read 25,578,763 times
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Quote:
Originally Posted by gwynedd1 View Post
I am refinancing from 6.25% to 5.12%. I would certainly refinance 70K from 7%. Even at 5.5% you are looking at about $90 a month.
But keep paying your old payment, and that $90 a month will shorten the length of your mortgage significantly.

Right now you won't be able to earn 5.5% on that money by investing, but you will be effectively earning it in savings on the life of your mortgage.
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Old 12-16-2008, 04:16 PM
 
Location: Alexandria, VA
12,041 posts, read 21,329,658 times
Reputation: 17934
Quote:
Originally Posted by cohdane View Post
FYI-- There's a Mortgage Forum where people who eat, drink, breathe and sleep mortgages will give you their ideas, too. If you haven't already, try posting there. Some of them really know their stuff.
I'll post there, thanks.
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Old 12-16-2008, 08:22 PM
 
242 posts, read 674,231 times
Reputation: 192
nvm..did not know about second
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Old 12-16-2008, 08:26 PM
 
242 posts, read 674,231 times
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Quote:
Originally Posted by Flamingo13 View Post
Evilnewbie thank you so much for your input - that's what I was looking for, someone to explain. The first mortage is a 30 yr. with about 16-17 left (7%) - second mortage is with credit union at 6.5%. The rate I was given was putting both into the credit union - payment would be about $200 less per month for a 15 yr.
well, did not know about a second mortgage..

Lets start over...

you have two mortgages..

mort 1 -
original amount = ?
7% (arm or fixed?)
13 years into it?

Mort 2
Original amount= ?
6.5% rate (arm or fixed? if arm, cap rate?)
Years into it?

Fill that out and we can help you out fully.


What ever you do, write it all out on paper, away from anyone who wants your money and look at it all.
Look at it carefully.
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Old 12-17-2008, 08:59 AM
 
Location: Alexandria, VA
12,041 posts, read 21,329,658 times
Reputation: 17934
Mort. 1:

7% fixed ($68000 remaining) - 13 yrs. into it

Mort. 2:

6.5% fixed ($38000 remaining) (loan was for remodeling) - less than 1 yr. into it.

Last assessment: $444,000
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