Getting Real (Estate)

glatt · 01-17-2009, 10:58 AM

Looking at refinancing now. We've got 24 years left on our mortgage, but looking at average national rates for 15 year mortgages, what we are paying now per month, and what our remaining balance is, it looks like we can probably refinance now to a 15 year mortgage and keep our monthly payments the same. We'd pay it off nine years sooner, and the only drawback would be the closing costs, which would probably be the equivalent of a couple months of mortgage payments.

We haven't actually shopped around or anything yet for actual quotes.

Does anyone happen to know if rates are expected to continue to drop? 15 year rates seem to be at 4.65% right now.

01-17-2009, 10:58 AM	#11
glatt ™ Join Date: Jul 2003 Location: Arlington, VA Posts: 27,717	Looking at refinancing now. We've got 24 years left on our mortgage, but looking at average national rates for 15 year mortgages, what we are paying now per month, and what our remaining balance is, it looks like we can probably refinance now to a 15 year mortgage and keep our monthly payments the same. We'd pay it off nine years sooner, and the only drawback would be the closing costs, which would probably be the equivalent of a couple months of mortgage payments. We haven't actually shopped around or anything yet for actual quotes. Does anyone happen to know if rates are expected to continue to drop? 15 year rates seem to be at 4.65% right now.

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)