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Old 06-21-2011, 10:51 AM
 
635 posts, read 1,587,230 times
Reputation: 372

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I owe 62,000 on my mortgage, my rate is 6.5%, 30 year fixed.

My questions is :

If I refinance, do I have to stay in the house for a min number of years? Or can I sell if I want move in the near future without penalties?


Not sure if I should refinance for another 30 years or 15 years...
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Old 06-21-2011, 02:11 PM
 
Location: New York
2,251 posts, read 4,537,305 times
Reputation: 1611
Quote:
Originally Posted by emirate25 View Post
I owe 62,000 on my mortgage, my rate is 6.5%, 30 year fixed.

My questions is :

If I refinance, do I have to stay in the house for a min number of years? Or can I sell if I want move in the near future without penalties? Not sure if I should refinance for another 30 years or 15 years...
Your current principle payment is $392.00, do not know how long you have had this mortgage.

Refinancing into a new 30yr mortgage at today's rates - can possibly get a new payment around $378.

Refinancing into a 15yr mortgage, can result in a payment around $539.00

Your best bet is to send extra with your mortgage payment - on a new 30yr mortgage, one extra payment a year can result in 7.5 yrs off your term.

The answer to your question, really depends on your Lender. Look at your loan note to see if there are any prepayment penalty fees.



.
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Old 06-21-2011, 03:19 PM
 
635 posts, read 1,587,230 times
Reputation: 372
Quote:
Originally Posted by Modification Specialist View Post
Your current principle payment is $392.00, do not know how long you have had this mortgage.

Refinancing into a new 30yr mortgage at today's rates - can possibly get a new payment around $378.

Refinancing into a 15yr mortgage, can result in a payment around $539.00

Your best bet is to send extra with your mortgage payment - on a new 30yr mortgage, one extra payment a year can result in 7.5 yrs off your term.

The answer to your question, really depends on your Lender. Look at your loan note to see if there are any prepayment penalty fees.



.
I am currently paying $692 (princinple, insurance and tax). I've only been in my house for 2 years
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Old 06-25-2011, 07:51 AM
 
Location: Woodbridge, NJ
27 posts, read 55,031 times
Reputation: 23
If you get an estimate, make sure to factor in the amount you are going to pay in closing costs, sometimes this makes the refinance not worth it. If you have a reasonable rate, and some extra cash every month I'm a big proponent of just sending extra principle like the above comment suggests. There are plenty of online calculators to help you figure out what you would be saving by paying extra every month.
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Old 07-12-2011, 07:20 AM
 
Location: Plano, Texas
1,675 posts, read 6,651,953 times
Reputation: 694
Quote:
Originally Posted by Modification Specialist View Post
Your current principle payment is $392.00, do not know how long you have had this mortgage.

Refinancing into a new 30yr mortgage at today's rates - can possibly get a new payment around $378.

Refinancing into a 15yr mortgage, can result in a payment around $539.00

Your best bet is to send extra with your mortgage payment - on a new 30yr mortgage, one extra payment a year can result in 7.5 yrs off your term.

The answer to your question, really depends on your Lender. Look at your loan note to see if there are any prepayment penalty fees.



.
Some bad information here. First, if you refinance to a new 30 year mortgage, your principle and interest payment would be much closer to $325. Current rates are 4.5%. ON a 15 year mortgage, the p and i payment would be around $473, current rate 4%.

The posters best option would be to refinance to the shorter term mortgage as long as the poster is keeping the home for more than 3 years.

Most loans today have no prepay penalty, but make sure you ask.
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