Refinancing?

[Chuck Leeper]

"around 7k to close."...............Are you KIDDING???Should be 1/2 that.. OR LESS!!

As for the 30 vs 15 deal....How many folks stay in a home for 30 yrs??
As Carl Ijames said, use the extra on the principle, and have the safety net..

 

[TurboBuRick]

I went through hell refinancing a few months back. These banks/finance companys are a friggin joke with the red tape bullchit. I've always payed my bills, never ever late and have never defaulted or filed bankruptcy. The way I was treated you would think I was a dead beat pos.

The system is all fudged up.

I did manage to land a apr of 3.75% on a 15yr. My payment actually went up but it was a smart move. Over the course of the loan I will save big money and maybe I can own my house when I'm 55. That is if my house tile is not lost and can even be located. Thats another whole issue.

 

[nonoss38]

If you are going to stay in a house for a long time, Refi is the thing to do. This day in age most people seem to jump around a lot, So most will never coop the 3K for the Refi. BTW, The 3k (Average) You will Pay is all a bunce of sh#T. Banks make a TON of Money on Refi. Let's just say you did a refi and went from a 6.25 to a 5.25 on a Conventional #30 year, And you were saving 100.00 per month. You better stay put for atleast #4 years to see any savings. Banks are Banking On the HomeOwner to have some Equity in there house so They Can Lend More Money.. " So Lets just pay off that Second Morgage, Credit card Bill, 4Wheeler,,,,,,,,,What ever you have in equity the Bank Will Take to an 80% range. But times have changed.. Most people out there will never get the oppertunity to refi, Because the Standards have been set so Freeking High. Credit, Det to income, Blaa,Blaa,Blaa... I build Homes For a Living and Deal With Banks On a Regular Basis. The Small Town Banking partner some of us use to have is gone for good. The FDIC Made every single bank play bty the same rulles. They went from one extream to another.. Total 360. This is probley mostly a good thing, But it sure sucks for most americans. I can remember about #5 years ago a Guy came to me to build him a home. The Agent pulled his finances and about fell over.. They were bad, Nothing was even half way good. So he went out on his own and found a Morgage Broker. Well 3Weeks later he was calling me saying he got approved. Said All he needed was 2 Weeks of Proven Income.. BTW, Making one extra payment a year will do the same as a Biweekly Plan.. And For the people out there that Do have Some Equity in there home, Just rember, You can wright it off at the end of the year.. The only time it should be used is for home Improvements or to buy a tricked out Gn.... Na,, An Everyday Car is OK.. It's not there for a VEGAS trip.... You do Halft to Pay it Back..