Yes, it is time to refinance my mortgage! Yes it is only 13 months old - yet with the way the market has been, rates have been coming down.
So you haven't thought about it yet? Pull out your papers, look at your current rate - can you lower it by 1 point? If you answer yes, then it is time to seriously look at the opportunities out there.
Where do I go? First of all, try your current lender. For me, that was a bust as my mortgage was sold on day one from one company to Countrywide, then acquired by the Bank of America. Yet, in today's market, many lenders are willing to give good deals to their current clients.
Next - I ventured out to the internet and had one of those sites send me interested lenders. Before I knew it, several emailed and called. That was three months ago. While it didn't take three months, I sat on the paperwork for a bit awaiting the dip of the rate. When it was a go - Village Mortgage - what a great group to work with, it is done (or should be by noon today!). My loan officer - Matt Rice - great guy is a dream to work with.
How much can you save? My rate is dropping from 6% to 4.875% and the savings if it runs the full length of the loan - $36,000+. Nice change! Since I'll pay it off earlier - with the current extra principal and the savings in the new payment - I'll be close to paying it off in 15 yrs - that's a savings of $90,000 - Nicer change!
Want to do the math?? visit my CPA website click on Financial Tools and click on Mortgage Calculators - it's Free. Better yet - you'll be richer because you did.
So you haven't thought about it yet? Pull out your papers, look at your current rate - can you lower it by 1 point? If you answer yes, then it is time to seriously look at the opportunities out there.
Where do I go? First of all, try your current lender. For me, that was a bust as my mortgage was sold on day one from one company to Countrywide, then acquired by the Bank of America. Yet, in today's market, many lenders are willing to give good deals to their current clients.
Next - I ventured out to the internet and had one of those sites send me interested lenders. Before I knew it, several emailed and called. That was three months ago. While it didn't take three months, I sat on the paperwork for a bit awaiting the dip of the rate. When it was a go - Village Mortgage - what a great group to work with, it is done (or should be by noon today!). My loan officer - Matt Rice - great guy is a dream to work with.
How much can you save? My rate is dropping from 6% to 4.875% and the savings if it runs the full length of the loan - $36,000+. Nice change! Since I'll pay it off earlier - with the current extra principal and the savings in the new payment - I'll be close to paying it off in 15 yrs - that's a savings of $90,000 - Nicer change!
Want to do the math?? visit my CPA website click on Financial Tools and click on Mortgage Calculators - it's Free. Better yet - you'll be richer because you did.
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