Refinancing a mortgage?

[ladrones]

10 years in on a 30yr mortgage. The house is a rental currently. Fixed 5.62%.
How do you determine if it would be worth refinancing? I would be willing to go to a 10-15 year mortgage.

[Boyd1212]

Been thinking about doing this on my rental. Have a 30yr now and have paid on it for 5. Thinking about doing a 15yr. I have a 5% fixed loan now on it.

[Texastaxi]

If you can cut your term and keep the same payment (assuming you'll use the entire note), or can cut your payment on the same length note, it's worth it. Make sure you figure any extra closing costs into the figures.

We refinanced 6 years into a 30 year mortgage, and went to a 15 year mortgage.
Ours interest was about where you are now, the rate dropped to 2.75%.
It dropped our payment almost $400, plus took 9 years off our note.
We still pay the old amount plus extra. We should have it paid off in about 9 years.

[Abcdj]

I am no pro. But what I remember if you can drop your rate 2.0% it is well worth it. No matter what the terms are.

[ladrones]

If you can cut your term and keep the same payment (assuming you'll use the entire note), or can cut your payment on the same length note, it's worth it. Make sure you figure any extra closing costs into the figures.

We refinanced 6 years into a 30 year mortgage, and went to a 15 year mortgage.
Ours interest was about where you are now, the rate dropped to 2.75%.
It dropped our payment almost $400, plus took 9 years off our note.
We still pay the old amount plus extra. We should have it paid off in about 9 years.

That sounds really good. The same payment would be no problem.

[Abcdj]

If you can cut your term and keep the same payment (assuming you'll use the entire note), or can cut your payment on the same length note, it's worth it. Make sure you figure any extra closing costs into the figures.

We refinanced 6 years into a 30 year mortgage, and went to a 15 year mortgage.
Ours interest was about where you are now, the rate dropped to 2.75%.
It dropped our payment almost $400, plus took 9 years off our note.
We still pay the old amount plus extra. We should have it paid off in about 9 years.

We are doing the same exact thing Great plan

[lameduck]

We have a sponsor here that does that-network funding- send stan a pm

[captainsling]

PM Stan R

[CDOGS]

10 years in on a 30yr mortgage. The house is a rental currently. Fixed 5.62%.
How do you determine if it would be worth refinancing? I would be willing to go to a 10-15 year mortgage.

I am an LO for a mortgage bank, Same one as Stan R.

Without knowing your loan amount I can't give you exact #, but yes it would be worth it. I can show you on amortization schedules in a few minutes. PM your ph # I will call you.

[RealTreeHunter]

I refinanced with Quicken Loans a few years ago. They are amazing to work with. Did everything online through a chat session with a rep in a few hours and they took care of the rest. Locked in a 30 year refinance on my house for 3.75% fixed. As a 25 year old single guy (at the time) that was a heck of a deal. No one else could get close to that and they let you pay additional or bi-monthly or however you want. Truly a simple, fast process. I've recommended them to everyone that asks about this and several have used them and experienced the same results.

I can tell you now you may end up with about 4% refinance from them right now on a 30 year fixed and if you can afford to pay additional each month to the principle you'll pay it off way sooner than 30 years. If you go with a 15 year your interest rate will still be really good with them. They run all the numbers for you without any commitment from you also.

Feel free to PM me for any questions or as a reference.

[parkchief100]

Usually if you can drop the interest rate a couple of points, you can go from a 30- 15 year fixed rate and only increase your payment a little. This will knock years off of your note saving you tens of thousands of dollars. Good Luck!!! I did mine the same way about 3.5 years ago and saved around $70,000.00 in interest.

[Codie]

If you are disciplined enough and your 30 yr note is a fixed rate then you could also calculate a 15 yr note on the remaining balance and start making that payment instead of your current one and not have to incur thousands of closing cost - I would also check with your mortgage company about a modification to your current note instead of a full on re-finance

[Biggs]

10 years in on a 30yr mortgage. The house is a rental currently. Fixed 5.62%.
How do you determine if it would be worth refinancing? I would be willing to go to a 10-15 year mortgage.

Cash out refinance and buy another one or two rentals... Repeat... Repeat... Repeat... Retire with mailbox money

[Burnadell]

You need to determine all your closing costs for the refinance; then calculate how long it would take to recoup those costs with the savings from the lowered refinance and determine if it is worth it.

[dustoffer]

Our credit union does or did do fast refinancing for a flat fee of $300. In essence you just "buy" a lower interest rate and they re-amortize your unpaid balance over the months remaining on your original mortgage. Probably can find lower rates but with all the closing costs associated with original mortgages.