Not all us have an income such as yours. I wished I could have done 15 year note.
My wife and I don't make that much money (and have 2 kids) but we were able to do a 15 year note on our house 3 years ago. We are also able to make at least 1 extra payment a year. We just bought a little smaller house than we wanted to be able to do it. Yeah it's a bit tight from from time to time but it will be worth it in the long run. Best financial decision I've made in a while. We will probably have it paid off within the next 7-8 years. After that we can build our dream home on a few acres and be able to a 15 year on it as well.
I was in my 5th year of my 30y note and refinanced to a 15. I was paying a little extra a month and went from a 5.75 to a 4.5. I'm now only pay a few buck more a month than what I was but cut 10 years off of my mortgage.
Seriously one of the smartest things i've done.
Play with a mortgage calculator and see what you will spend more per month. The savings could pay for a few kids college tuition.
http://www.mortgagecalculator.org/
Seriously one of the smartest things i've done.
Play with a mortgage calculator and see what you will spend more per month. The savings could pay for a few kids college tuition.
http://www.mortgagecalculator.org/
We refinanced with First United a little over a year ago. Got 4.125% and saved over $170/month. The lady that did ours at First United had a different name, though. Don't have her card in front of me, so I can't give a specific referral, but I'm sure anyone there could help you out.
We refinanced in april '10 with first united also they are great with their customer service.
I refinanced a few months ago. I stuck with Bank of Oklahoma both times. My original interested was in 6% ranged and refinanced down to 4%. I've only had the house 2 years.
It's worth it for me because it dropped my house payments a couple hundred, which allows me to still pay the same amount as before, but now I can apply the extra 200 straight to the principle.
It's worth it for me because it dropped my house payments a couple hundred, which allows me to still pay the same amount as before, but now I can apply the extra 200 straight to the principle.
Nope ... no second mortgage for us either. I absolutely believe that God takes care of really stupid people because I accidentally qualified for a decent house in a decent neighborhood at a decent price and interest rate. Because I was a single mom with 3 kids an OKC Bond program even made my down payment for me and I walked away from closing with a check AND the money I had put back in my savings.
I'm not the smartest person in the room, but I'm not a blooming idiot either ... Principal only payments have gotten us so close to being paid off it would be a travesty to refinance or borrow against now.
I'm not the smartest person in the room, but I'm not a blooming idiot either ... Principal only payments have gotten us so close to being paid off it would be a travesty to refinance or borrow against now.
I must say that USAA's Banking side has disappointed me much to often in the past three years. I will keep my insurance with them but everything else I moved to Navy Federal.
If you look at the payment difference, it's really not that much more.
Rates are significantly better on 15 year notes now. 30 year notes will be a thing of the past in 10 years. Banks are getting back to responsible lending and aren't making many 100% loans any more. I had two investment properties on 30 year notes that I financed 8 years ago at 6.5%. I'm refinancing them on 15 years at 4.65%. I'm rolling in closing cost and my payment increase is negligible. I never thought I would see investment property rates that low. My in-laws are just finishing construction on their new house and locked in 3.75%. I say take advantage of these rates while you can.
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