[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 102 KB, 817x1024, 1581215241746.jpg [View same] [iqdb] [saucenao] [google]
17597627 No.17597627 [Reply] [Original]

I bought a house back in 2014. I did an FHA loan at 3.5% interest for a 15 year mortgage.

I have 9 years left til the house is paid off. I keep reading about people refinancing because the interest rates are lower. I'd like to have a lower monthly payment, but I do not want to increase the time it takes to pay off the house.

I know next to nothing about refinancing. Is it a good idea for me to refinance when I have this much time left? I plan on living and dying in this house. I will never sell it or move anywhere else.

>> No.17597672

>>17597627
buy some linkies while they are cheap. A few Ks should be enough.
Not smart money anymore but still a huge investment opportunity. Then you will pay off your loan in two years.

>> No.17597690

>>17597672
this. refiance and put the rest into real assets. debt is not real.

>> No.17597769

>>17597627
Just ask your bank to make a proposal including all costs. Then compare it to what you're still going to pay at the current rate for the next 5 years. Don't be so fucking autistic about it.

>> No.17597769,1 [INTERNAL] 

I always thought it was only worth refinancing if you are cutting your rate by half. Going from 6% to 3%. For you the average 15 year rate right now is 2.9%. So not that much different than 3.5%.
Just make extra payments.

>> No.17597858
File: 3.20 MB, 2951x9999, btcFUD.jpg [View same] [iqdb] [saucenao] [google]
17597858

>>17597769
this also shop to a couple of other banks. use your negotiating skills