We bought our house in 2006 for 280K with hardly any money down. FHA loan. Our payment was 1900.00 a month we had a 6.5%. In 2008 my mortgage went up 1000K - nearly 3K a month. Our house was new constuction. I had just had my baby and wanted to stay home. We refinanced and my new payment was 2600.00 with a 6.5% - we were pretty much adding 2 years to the loan. I wasn't super happy but it worked for now. In 2009 the interest went fairly low to 4.75 - 5.25. We decided to take advantage of the interest and refinance to 5.25% and got down to 2,350.00. We are OK with this payment.
However the company contacted us about refinance and I've been giving it a thought, not that I need to but they are offering 4.25% with no closing cost. Which is not bad however I don't want the hassle. The new payment would be 2200.00. What do you all think? We plan to stay in the house for maybe another 5 yrs.
Thank YOU all for your advise
Asked by Anonymous at 6:49 PM on Aug. 16, 2010 in Money & Work
Answer by tasches at 6:58 PM on Aug. 16, 2010
Answer by FootballMom85 at 6:58 PM on Aug. 16, 2010
Answer by itsmesteph11 at 7:14 PM on Aug. 16, 2010
Answer by elizabr at 7:22 PM on Aug. 16, 2010
Answer by Erica_Smerica at 8:51 PM on Aug. 16, 2010
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