Reply to Explain to me the what the benefits are to REFI

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Reply to "Explain to me the what the benefits are to REFI - I am just not getting it."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We were in a similar position.  We refied to a 15 year.  We pay about the same amount per month as we did before.  Assuming a change from a 6% loan to a 3% 15 year loan (which is what we got) on $440,000 as a starting ($381k at time of refi), we would owe $318K in 2019 (6 years from now, the time you want to sell) on the old loan and only $234K on the new loan.  That is an extra $84k of equity in just 6 years!!!  Wait longer, and the savings are even more.  You would be foolish not to refinance![/quote]

Your payments were the same or more?  We would like to free up cash but if the payment was the same we would take at 15 year.[/quote]

Our payments were the same.  You would have to do the math for yours (it takes as long as it took for me to write my earlier post) to see the exact numbers for yours.  But, I think it is pretty incredible, and financially irresponsible, that you are still in a 6% if you could have refinanced earlier. We were prevented from refinancing earlier because of various lending restrictions, and we did so the minute we could because it is saving us way over a hundred thousand dollars.  Moreover, we will now be mortgage free by college time!   [/quote]

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