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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]So my house is at a 6% interest rate - and I know that we could refi it and probably free up $350 from our mortgage a month. We plan to stay in the home another 6 years or so. DH is not inclined to do it because he is telling me that currently we are paying more on our principle and if we REFI we will no longer be paying as much on our principle. I sort of see his logic. But aren't we paying more unnecessarily currently with the higher interest rate?[/quote] What we did was still pay whatever we currently pay. As a result with each refi, we have done two, we keep our original payment amount. Now our payment is 2/3 principle and we will shave several years off of our original last payment date. My stipulation was that I never wanted to go beyond that first loan end date, I didn't like restarting the countdown clock each time. So, while we don't get any immediate short term monthly "savings" our principle loan amount diminishes faster.[/quote]
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