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Economy

eilen

(4,955 posts)

9. We refinanced to a 15 year fixed loan 5 years after we bought our current home on a 30 yr FHA.

Reply to Sherman A1 (Original post)

Sat Oct 4, 2014, 07:25 AM

Oct 2014

The interest had gone much lower so it made sense. Our home was not uber expensive. We live in a rust belt suburb with higher property taxes so home prices do not/did not ever explode upwards like in other areas. The financial crash in 2008 did not result in huge numbers of foreclosures in our region.

http://www.newyorkfed.org/research/current_issues/ci16-3.pdf

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Highlight:

New 15-Year Mortgage May Open Homeownership Door For More Buyers [View all] Sherman A1 Oct 2014 OP

I don't know how many will be able to afford it. hollysmom Oct 2014 #1

Granted Sherman A1 Oct 2014 #2

It may be a home equity building loan, but it's not a wealth building loan. merrily Oct 2014 #3

"the drill is to be grateful for this deceptively-named form" < Deserves repeating n/t jtuck004 Oct 2014 #6

One trick to faster mortgage payoff dixiegrrrrl Oct 2014 #8

A 15 year mortgage even with no interest would still put the average home in Austin out of reach hobbit709 Oct 2014 #4

And to get the low interest, you have to pay more points up front, merrily Oct 2014 #7

We have bought 3 homes on 15 year mortgages newfie11 Oct 2014 #5

We refinanced to a 15 year fixed loan 5 years after we bought our current home on a 30 yr FHA. eilen Oct 2014 #9