Speaking of Financing...

[Stoneman]

If you own a home, DO IT!!! I don't wanna come off as something I'm not, so don't interpret this the wrong way....

I just refinanced my mortgage, okay? I just cut my term in half for pretty much the same monthly expense as my previous payment. THAT'S how fuckin' low interest rates are right now. And that's not half of the story! (Get this) By cutting my 30 year mortgage to 15 years, I'll be saving me over $75,000 beans (in interest & finance charges) over the life of my previous mortgage if I were to ride out that term (30 year)....

I'm serious, man. If you own property and are carrying a note on it, look into this. Interest rates are so friggin' low right now, they're givin' loans away!!!

Ask me what I did to my credit card companies!!!

[snowborder]

What sort of rate did you get, Im at 6.625% for a 15 year fix from the last go around 3 years ago and just wondering how low is low.

[Stoneman]

I locked at 6.25%, down from 7.5%....

[Stoneman]

I'd definitely look into it. You may not find the kind of savings I got, but I drastically changed my mortgage. But I'd still be willing to bet that you'd save yourself a bunch of cake too...

With rates as low as they are right now, we're half looking at getting into something else. We could get twice the amount we did for our current home and still pay what we're paying now...

[cRa1g]

i,ve got a small mortgage over 15yrs
is it worth it to me to refinance
and maybe take it to a 10 yr loan
my rate is 7.2%
cheers zombie

Hi guys!

In answer to the question above Mick...I just locked into a 15 year mortgage on the new house we bought out here in SUNWORLD, and the fixed rate is...5.375. THAT'S RIGHT, 5.375! This is ridiculous! We bought a place that is 50% larger than the one at the Cape, and has many other features the old house didn't have. It cost roughly the same, and the payment is VERY friendly with this interest rate.:cool

Anyone who hasn't financed - Stoneman is right - NOW IS A GOOD TIME. By the way, if there is ANY WAY for you to swing a 15 year note instead of a 30 year - it will drop your rate even lower. It usually only means about a 30% increase in the payment, and you cut the mortgage period by 50%!

OK, I've got to get back out to the twisties... Hope all is well with you guys.

[Edited on 10/31/01 by cRa1g]

[Stoneman]

Anyone who hasn't financed - Stoneman is right - NOW IS A GOOD TIME. By the way, if there is ANY WAY for you to swing a 15 year note instead of a 30 year - it will drop your rate even lower. It usually only means about a 30% increase in the payment, and you cut the mortgage period by 50%!

Actually, don't count on that 30% higher payment by going to a 15 year note. Not only will your interest rate be lower, but you usually get really sweet discounts on the "pre-pays", your closing costs will be less, and the "points" will be lower. I don't care what you owe (even you, Randy). There IS money to be saved by doing this...