My New Blog

Let's say you refinanced your $400,000 mortgage 6 months ago and lowered your interest rate to say 5.25%.  Your reduced monthly payment on that refinanced mortgage is around $2,208.82  Sitting pretty for the next 30 years?

Today on a 15 or 30 day "rate lock" for the above scenario with good credit and "loan-to-value" I am at 4.750% with a NO COST REFINANCE, where there are no points, no loan orginiation fees and I pay all of the non-recurring closing costs~I PAY THE CLOSING COSTS~new payment = $2,086.59

How would you like to make $122.23/month for the next 30 years?  Does a "gift" of $44,000+ over the term of a 30 year fixed rate loan sound to you?

OR you could keep making the previous monthly payment amount and reduce the number of years it takes to pay that mortgage off ... either way, YOU WIN. 

WIN/WIN ~ I like that.