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30 year or 15 year refi

I have the opportunity to refinance my mortgage for 15 yrs. at a rate of 3.125 down from what i currently have which is 26 yrs left on a 30yr. at a rate of 6.1 and my monthly payment will only increase $100.00.... sounds like a no brainer, but would like a professional opinion. should i go ahead with it? by aries5_997_180 from Burbank, California. Feb 13th 2012 Reply


Kiyoshi Inui (Kiyoshi)
#535 ranked lender in California - 109 contributions

100% that's the best option as long as the $100 increase is not detrimental to your financial position. You can also go with a 20yr fix option if the $100 increase is a tight squeeze, and ff your main objective was to save on your monthly payments. The rate is about .5% higher, but regardless, shortening the term is the best choice to get more for your money (not as much front loaded interest) & to stay ahead of the curve of depreciation.

Feb 13th 2012
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Mark Gonzales (mgonza_248_701)
#560 ranked lender in California - 6 contributions

Yes! it looks like a great move; just make sure that the 15 year rate of 3.125% is coming in as a not cost rate, because if is going to cost you to get it then the loan amount might go much higher and therefore the payment might go much higher than what you have anticipated. You can email me at mgonzales@mhmb.com or call me at 909.222.3858 if you will like to have a second confirmation of the 15 year going rate to keep you at $100 +/- from your present payment. Mission Hills Mortgage Bankers MLS # 337727.

Feb 13th 2012
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Blake Kleckner (BlakeK)
#387 ranked lender in California - 259 contributions

As long as you can qualify for the loan with the additional $100/mo. payment, it makes good sense to do. I just completed a 15-year, no cost refinance for a client at 3.125%. Depending upon the loan amount, it may be possible to get a lower interest rate. However, there are other viable options that may even be better you should consider. Give me a call 16/7, or email me, and I'll be happy to discuss with you what they are. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Feb 14th 2012
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,993 contributions

Sounds like a no brainer to me too.

Feb 14th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

Hi, sounds like a great postion to be in....I would NOT go for something in the middle as in a 20 yr fixed, as you do not get the best "Bang for your Buck" often 20 yr fixed and 30 yr fixed rates are so close it doesn't pay to take a 20 yr...as a 15 yr fixed is usually .5 % point lower and a good option if you cvan handle the payment ...I would consult your account as there is not enough information to really try to maximize your position, you may need write offs for the next 30 yrs so paying off your loan in 15 yrs might not be the best option..AGAIN consult your accountant and find the "Best bang for your Buck" for you

Feb 14th 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,827 contributions

The answer depends on your current cash flow needs. If the new payment is not going to be burden, and I suspect the extra $100 won't be, then I would do it. Knocking 11 years off of your mortgage for an extra $100 is a great return on your money. The rate of 3.125% is a good one, but make sure you compare the APR of the various different options. The APR takes into consideration lender fees, like origination or discount points, which is just another way for the lender to profit. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Feb 14th 2012
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Cindy MacDonell (Cindy Wright)
#146 ranked lender in California - 21 contributions

Yes, it sounds good to me as well. What you would want to do is compare the ending balance on where you are now vs the 15 year. You will save thousands in interest I am sure. Of course this is the way to look at it if you are planning on paying off this home. If you would like me to give you these numbers, please feel free to contact me. Cindy MacDonell at 707-583-8117. Thank You!

Feb 14th 2012
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Ali Talab (ali@alibtalab.com)
#573 ranked lender in California - 5 contributions

Hello,I have couple of questions for you:What is your loan amount?and what is the value of your property?http://www.NOCOSTLOANOPTION.COMPlease call to discuss.408-858-9300 Dir Ali

Feb 13th 2012
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