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andreat
LIF Infant
Member since 10/06 155 total posts
Name:
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Refinance 15 yrs
Is anyone considering refinancing their 30yr mortgage to 15yrs?
What kind of rates are you guys seeing for 15yr mortgages?
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Posted 10/3/11 12:29 AM  |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Refinance 15 yrs
we refinanced last Oct to a 15 year. We went from 6.875% to 3.75%
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| Posted 10/3/11 9:33 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Refinance 15 yrs
We're refinancing right now from a 30-year to a 15-year. Our locked in rate is 3.125% with HSBC. It was 6% on the 30-year.
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| Posted 10/3/11 10:03 AM |
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summertime
LIF Adolescent
Member since 9/10 852 total posts
Name:
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Re: Refinance 15 yrs
We are refinancing to 15 year now with Bethpage, 3.125%
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| Posted 10/3/11 10:16 AM |
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Kissy331
My two miracles!
Member since 5/06 17826 total posts
Name:
Kristen
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Re: Refinance 15 yrs
We are looking into it. With the rates so low.
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| Posted 10/3/11 12:12 PM |
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LMFitz
life is good
Member since 5/05 2013 total posts
Name:
L
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Re: Refinance 15 yrs
We looked into it - but it doesn't make sense for us. We just purchased last year, so we have a low rate already...and we're a jumbo loan - - so it's not too much of a savings. We'll just continue to pay extra toward principal each month and almost achieve the same outcome.
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| Posted 10/3/11 12:33 PM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: Refinance 15 yrs
we are in the process, waiting for closing
going from 6.375% 30 year to a 3.375% 15 year.
We are saving a lot of money!
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| Posted 10/3/11 1:35 PM |
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FranM
And so it goes....
Member since 9/05 2217 total posts
Name:
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Re: Refinance 15 yrs
As an alternative to refinancing to a 15 year mortgage - Have you looked into applying the additional amount you would pay each month to a universal life policy that would provide you with protection, liquidity, a cash build up that could eventually be used to pay off you mortgage early and probably a better return overall?
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| Posted 10/3/11 2:22 PM |
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andreat
LIF Infant
Member since 10/06 155 total posts
Name:
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Re: Refinance 15 yrs
Our mortgage is with Citimortgage. I left two voicemails and no response yet.
I have been on hold for nearly an hour on their 1800 number now.
I heard it cheaper for closing costs to go with the same bank....what to do!
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| Posted 10/3/11 4:51 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Refinance 15 yrs
Posted by FranM
As an alternative to refinancing to a 15 year mortgage - Have you looked into applying the additional amount you would pay each month to a universal life policy that would provide you with protection, liquidity, a cash build up that could eventually be used to pay off you mortgage early and probably a better return overall?
I don't see how this is really a better financial move. While I am not an expert on Universal Life, most financial experts say avoid Whole and Universal Life and just buy term for the life insurance you need... and take the remainding money and invest it elsewhere.
The whole point of going from 30 years to 15 (or just putting extra principal in) is the amount of mortgage interest you save over the life of the loan. It can easily eclipse 100k. Can you make this kind of cash with small payments towards a universal life policy? I dont know about that.
ETA: Typically Whole and Universal Life is good for one person... the (sales)person selling it.
Message edited 10/3/2011 5:59:29 PM.
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| Posted 10/3/11 5:58 PM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: Refinance 15 yrs
Posted by ave1024
Posted by FranM
As an alternative to refinancing to a 15 year mortgage - Have you looked into applying the additional amount you would pay each month to a universal life policy that would provide you with protection, liquidity, a cash build up that could eventually be used to pay off you mortgage early and probably a better return overall?
I don't see how this is really a better financial move. While I am not an expert on Universal Life, most financial experts say avoid Whole and Universal Life and just buy term for the life insurance you need... and take the remainding money and invest it elsewhere.
The whole point of going from 30 years to 15 (or just putting extra principal in) is the amount of mortgage interest you save over the life of the loan. It can easily eclipse 100k. Can you make this kind of cash with small payments towards a universal life policy? I dont know about that.
ETA: Typically Whole and Universal Life is good for one person... the (sales)person selling it.
Our savings is just over 200K over the life of the mortgage
That is ALOT of money!
The closing costs are minimal compared to what we are saving. And our payments are the same, and if we continue to pay a little extra each month we can be done in less than 15 years
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| Posted 10/3/11 6:15 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Refinance 15 yrs
Posted by MrsM-6-7-08
Posted by ave1024
Posted by FranM
As an alternative to refinancing to a 15 year mortgage - Have you looked into applying the additional amount you would pay each month to a universal life policy that would provide you with protection, liquidity, a cash build up that could eventually be used to pay off you mortgage early and probably a better return overall?
I don't see how this is really a better financial move. While I am not an expert on Universal Life, most financial experts say avoid Whole and Universal Life and just buy term for the life insurance you need... and take the remainding money and invest it elsewhere.
The whole point of going from 30 years to 15 (or just putting extra principal in) is the amount of mortgage interest you save over the life of the loan. It can easily eclipse 100k. Can you make this kind of cash with small payments towards a universal life policy? I dont know about that.
ETA: Typically Whole and Universal Life is good for one person... the (sales)person selling it.
Our savings is just over 200K over the life of the mortgage
That is ALOT of money!
The closing costs are minimal compared to what we are saving. And our payments are the same, and if we continue to pay a little extra each month we can be done in less than 15 years
Agreed. Believe me I totally agree about doing the 15yr refinance. I have been considering it for a few months now.
I am just not sure how putting money towards a Universal Life instead of refinancing to 15 years is the better option.
NEFCU posted 3.0% fixed 15 year with 0 points today. The bond market is up so I don't see this mortgage rate going up tomorrow. It may even go down. If it does down... I will have to pull the trigger on the re-fi. Hell even if it doesnt go down and stays steady I still may do so.
200k is a lot of cash. Many people don't realize it!
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| Posted 10/3/11 6:24 PM |
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FranM
And so it goes....
Member since 9/05 2217 total posts
Name:
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Re: Refinance 15 yrs
Using a UL policy vs a refinance is something to explore there are a lot of variables, age, underwriting status, amount of coverage needed etc. For someone who qualifies with the right set of financial circumstances it works extremely well.
Right now with rates as low as they are it's definitely an alternative to look at. There are UL policies that guarantee 4% so you are earning and additional 1% over that 3% mortgage payment.
Again, it's just an alternative to look at. I have seen it work very nicely for people who qualify. In addition to the mortgage savings you have life protection, payment flexibility and liquidity
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| Posted 10/4/11 9:59 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Refinance 15 yrs
I just pulled the trigger with NEFCU. 15 year fixed refinance at 3.00% with ZERO points.
Geeez. I almost wish my existing loan interest rate was higher than it is (currently 30 year 4.5%) so I would feel like I am getting an even better deal.
But this is still a phenomenal deal. I'll slit my wrists if the rate goes down to 2.875 tomorrow since I locked in today. But hey that's the breaks I suppose.
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| Posted 10/4/11 3:47 PM |
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