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The Water Cooler
General Discussion
Have many of you refinanced your homes?
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<blockquote data-quote="Shadowrider" data-source="post: 1581600" data-attributes="member: 3099"><p>Most people don't realize that you can knock off years quite easily on the front side of the loan. I refinanced mine a few years back, taking some of my equity (not all but never a good idea).</p><p>If you just pay your normal monthly payment and add the next month's principle to it you can pay off a 30 year in 15. It gets really hard when you pass the half way point though. Up front it's just a few more dollars per month. Another good way is to do a bi-monthly payment plan, that cuts a good amount of years off for no additional payment per month. I'm sending $200 extra per month and have been doing that since I refied. Every time I pull out the amortization statement and compare where I should be to where I am, I just smile...</p></blockquote><p></p>
[QUOTE="Shadowrider, post: 1581600, member: 3099"] Most people don't realize that you can knock off years quite easily on the front side of the loan. I refinanced mine a few years back, taking some of my equity (not all but never a good idea). If you just pay your normal monthly payment and add the next month's principle to it you can pay off a 30 year in 15. It gets really hard when you pass the half way point though. Up front it's just a few more dollars per month. Another good way is to do a bi-monthly payment plan, that cuts a good amount of years off for no additional payment per month. I'm sending $200 extra per month and have been doing that since I refied. Every time I pull out the amortization statement and compare where I should be to where I am, I just smile... [/QUOTE]
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The Water Cooler
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Have many of you refinanced your homes?
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