Mortgage Consultant Opportunities
Should I refinance my home to get these newr rates? ?
I bought my home 8/2008. My first payment was 10//2008. My mortgage consultant offered this refinance opportunity to me when the rates dropped earlier this week because I have a VA loan. I am currently @ 6.6% and can get 5.25% now. It’s a nice savings and all the math shows I save big time since I plan to stay here well over 5 years., but people keep telling me I will add more years to my payment. My consultant says I won’t as long as it is the same loan amount and I because I just purchased, so I haven’t really invested anything. The only thing I am having to pay is closing, $1500. What should I do?
You don’t have any equity built up beyond your down payment, and you’ve only made a couple payments. The only way to extend the term would be if you went from a 15 year to a 20 or 25 or 30 year, or from a 30 year to a 40 year, if you can find one. That’s not an issue and if it bothered you, just increase your principal reduction portion of a few payments and it will go away.
For a $300,000 loan at 6.6% the payment is $1916.
For the same amount at 5.25% the payment is $1656.
You’ll save $260 a month. $1500/$260 = You’ll have save your $1500 in less than 6 months. $260 over 12 months is $3120 per year, and for 30 years you’ll save $93,600. Sounds like a deal to me.
So what am I missing here?
Mortgage Consultant – Enza Venuto
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The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Consultant Opportunities. As soon as I knew how much, I could start searching for a house.
Mortgage Consultant Opportunities