General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhile you're like me and shut in, take some time...
To look into whether a refi on your mortgage makes sense. My back-of-the-envelope analysis shows I'd net approx.$68 a month in extra cashflow. Maybe worth it. Might be a good use for the check we'll be getting...supposedly.
Anyway, a thought.
marlakay
(11,447 posts)Large refinance fees like $2300 or more. I checked into it and we already have 4.1 and bank giving out 3.9 for regular loans.
pat_k
(9,313 posts)...vs. total interest over life of the new loan. Even with lower interest rate and lower monthly payment, you can "lose" in the long run.
Remember, in the initial years of a loan, very little of your payment goes toward paying down principle. If you are several years into repayment, you are paying more toward principle each month. Not always beneficial to "start over."
VarryOn
(2,343 posts)But definitely something I'm exploring. Might take a few weeks for rates to settle down.