About refinancing
Posted By: Seinna on 2009-04-09
In Reply to: Anyone have an opinion on refinancing . . . - home sweet home . . .
We have a home bought in 2004, lot of equity in it because I paid chunk down and paid $15,000 just last year on the principal. Our home now is under $100,000 and asked hubs the other day if he ever thought about refinancing because of rates and the answer was a firm NO. We did not have huge writeoffs this past year on taxes but still able to get back 4,000 or so. I would not refi and then something happen. Another thing, so many shysters out there now to take money on flimflam schemes. With all that has happened, not so trustful anymore with the mortage companies.
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Anyone have an opinion on refinancing . . .
We have tons of equity in our home and therefore not much interest for tax write off.
With the current low interest rates (4.685%), would it be a good idea to tap into the equity in our home. It will cost us approximately $6000 in fees to do so, averaged over 30 years. On one hand, we do feel secure that our home is almost paid for, but on the other hand, our bank account is minimal. Having a hard time decising what to do. So far, we have been approved by two lenders.
Any suggestions would be greatly appreciated. Thanks!
Refinancing worked well for us
We refinanced a while ago and got a great interest rate. Our payments basically stayed the same and we cut our time in half. Now our house will be paid off in less than 9 years. Our mortage payment is over $1,100 so not having that payment every month is definitely worth it to me. That money can be used for so many other things.
Refinancing, nope. We have been paying loads on
the principal and started out with over $220,000 in 2004 and already under 97,000. If we refinanced might get a shyster deal, know who we are with, trust them and do not want any additional burden such as the refinancing charge to apply.
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