Thread: Money Investing megathread extravaganza
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Old 09-22-2016, 12:58 PM   #417
scho63 scho63 is offline
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Join Date: Feb 2009
Location: Scottsdale, AZ
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Quote:
Originally Posted by lewdog View Post
When we bought the house 3 years ago, we only got approved for a 4.625% rate, I think because of my wife's lowish credit score of 720. I also didn't do any shopping around, so that probably didn't help. I checked into refinancing last month with rates being at record lows and they ran a credit report and with our credit now, 790 and 805, they said they could knock a full 1% off our interest rate. We plan to stay in this house long term, so it's just a play to pay less interest over the life of the loan. Our mortgage payment is very comfortable for us, so we will continue paying what we pay now, maybe even a little more, to pay off the house sooner and with the refinance, save on interest over the life of the loan.
I guess it would be good if you take the savings and pay the principal off each month. That would be the best of both worlds. Sounds like a good move depending on how much all the refinance fees were.
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