|
My other ride is a C-130J
Join Date: Jul 2004
Location: Southern California
Posts: 3,310
|
We’re in the process now. Had 7 years left on a 15 year fixed which was at 2.8%. Owed $120,000 left on the mortgage.
We took $125,000 to pay off a rental property and refinanced with the VA for a 15 year fixed at 2.25%. Total borrowed $250,000.
Our payments are exactly the same as the previous 2.8% loan. The benefit is we paid off the rental property. If we put $600 a month towards the principal from the rental property we pay it off about 5 years early.
RocketMortgage (Quicken Loans) says they monitor VA rates and if they go lower than our 2.25% fixed rate they can refinance us at the lower rate without cost.
In your case. . . if you plan on staying more than two years it is worth it. If you are eligible for a VA loan I would go that route.
__________________
1975 911 Targa S 3.0 2000 911 Carrera Cab 2005 Cayenne Titanium Metallic
2022 Mercedes-Benz E450 Coupé 2020 Mercedes-Benz E350 2006 ACG Hummer
Previously Owned Art from Stuttgart
2000 Boxster -1983 911 SC Cab -1984 944 N/A
Last edited by RNajarian; 03-03-2021 at 07:19 AM..
|