Refinance My Mortgage or Not

[Mike69]

I purchased my house about 3 years ago for $160,000.00 at a Fixed Rate of 5% for 30 Years. I have friends now that are buying homes & getting rates between 3%-4% & now I'm wondering if I should try & refiance or not. I plan on staying in my home for at least 10 more years. Have any of you fellas being in this situation? If so what did you do?

Thanks!

[sc281]

Bankrate.com

Calculators - mortgage calculators

Run the numbers.

Your current balance and months left in loan vs same months at 3.5%and see where the break even point is with est closing costs. Most places will only finance 15, 20, 30yr mortgages so you may want to pick a lower term.

Just by you saying you'll stay in it for 10 years means you'll save plenty.

[AdamLX]

If your credit is the same and you haven't lost equity then yes, refinance. That's my quick answer without factoring in a ton of variables.

[Buick355]

You should take out a series of payday and title loans and your mortgage off with that.

[mk5.0]

http://www.westernsky.com/

[Mike69]

Well, first I have to figure out if the house is worth less than what I owe considering the market has gone down. I'm pretty sure that is the case with my home.

[AdamLX]

Well, first I have to figure out if the house is worth less than what I owe considering the market has gone down. I'm pretty sure that is the case with my home.

You have streamline options if you are an FHA or VA loan and upside down. If not you can check this link to see if your loan is eligible for any of the HARP programs where you can refinance even if upside down on a conventional mortgage. http://www.knowyouroptions.com/loanlookup

There is another one to check if your loan is invested with Freddie Mac.

[propellerhead]

If you're gonna refi, refi into a 20 or 15 year note. Five years down the road you'll be thanking yourself when you realize you only have 10 years left to pay. Refinancing a 30 yr mortgage for another 30 yr mortgage has small gains in the long run.

[Baron Von Crowder]

If you're gonna refi, refi into a 20 or 15 year note. Five years down the road you'll be thanking yourself when you realize you only have 10 years left to pay. Refinancing a 30 yr mortgage for another 30 yr mortgage has small gains in the long run.

This.

We bought our house on a 15, and ill be paying it off on my 40th birthday.

[Chas_svo]

If you're gonna refi, refi into a 20 or 15 year note. Five years down the road you'll be thanking yourself when you realize you only have 10 years left to pay. Refinancing a 30 yr mortgage for another 30 yr mortgage has small gains in the long run.

Wrong. Refinance to a 30 and pay like a 10 or 15. If you fall on hard times, you aren't stuck with a higher payment, and there is no downside.

[slow99]

These are always entertaining.

[Bad Religion]

Wrong. Refinance to a 30 and pay like a 10 or 15. If you fall on hard times, you aren't stuck with a higher payment, and there is no downside.

x2

[2011GT]

Wrong. Refinance to a 30 and pay like a 10 or 15. If you fall on hard times, you aren't stuck with a higher payment, and there is no downside.

Interest rates will be different for 15 vs 30

[AdamLX]

Interest rates will be different for 15 vs 30

Right now it's about a .625% difference in rate. Take the 30 year loan and make whatever payment is quoted on the 15 year loan at the lower rate and you will pay the 30 year loan off in about 15 years and 9 months.

Which is what Chas is getting at.

[Chas_svo]

Interest rates will be different for 15 vs 30

Not usually enough to matter. If u think rates are the solution, you can always get an ARM. <----sarcasm