Refi

[MAGA MAN]

I talked to Quicken Loans this morning about possibly refinancing one of my home mortgages. Right now I owe about $200k, 10 years into a 30 year fixed at 4-1/4%. They quoted me a 15 year at 3-5/8%, closing costs under $6k, total interest savings of $31k, for a net of $25k.

Looks like a good deal.

[ThatOwlWoman]

Go for it. We did a re-fi on our old house with Quicken Loans; they have excellent customer service, it's easy to set up on-line payments, and they keep you up to date on any changes (like escrow changes) on your payments.

[jimmymccready]

Good for you.

[cawacko]

I talked to Quicken Loans this morning about possibly refinancing one of my home mortgages. Right now I owe about $200k, 10 years into a 30 year fixed at 4-1/4%. They quoted me a 15 year at 3-5/8%, closing costs under $6k, total interest savings of $31k, for a net of $25k.

Looks like a good deal.

On the surface seems like a good deal

[MAGA MAN]

On the surface seems like a good deal

I don't see a downside. Monthly payments will increase about $245, which at this point in our lives (kids crushing it on their own) is chump change.

[MAGA MAN]

I'll need to get with my wife for the exact figures and our retirement schedule, but the closing costs will take almost 5 years to recoup. If we retire before then it just won't be worth it.

[Minister of Truth]

I just used-up the last of my equity on a VA refi. Now I need to get my budget under control and plan my home improvements better. I did get my interest rate back under 4%, though. Depends on what you want to do with the refi.

[MAGA MAN]

I just want to save money over the life of the loan. Since we plan on retiring in 6 years, we will sell our residence and dump the equity into our second home, and make that our residence.