Blog Category: when to refinance

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Can I Refinance To A 15-Year Loan From A 30-Year Loan and Keep My Payment The Same?

 

In a word, no. This is not possible. I wrote a blog back in 2011 in another feverish refinance market. It showed the numbers on how you can’t shorten the term of your loan from 30 to 15 years without increasing your monthly mortgage payment. Those numbers bear repeating in the current interest rate climate and are below. Check out this hypothetical example: Read More

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Important Things To Remember When Refinancing

What do you do in order to remind yourself of things? Tie a string around your finger? Use a paper day planner? Do you use a software or online calendar? How about just using my blog instead!? I hear of many people getting sold a refinance instead of making sure they are doing it for the right reasons. Below are some good notes to remember when thinking of refinancing.

Important Things To Remember When Refinancing Read More

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When Refinancing Consider Life Of Loan Costs!

When refinancing consider your life of loan costs. Refinancing doesn’t save you money unless you calculate in the interest that you’ve already paid. Especially when you think you’ll own the house for the long haul or forever. If you pay $2,500 a month in principal and interest, you are going to pay $900,000 over the life of a 30-year mortgage. If you are 4 years into the loan and are going to refinance to a principal and interest payment of $2,800 you are going to save $200 a month, correct? Wrong! Read More