another ReFi question..

[Hugh R]

Originally Posted by crb07

We are locked into a 15 year refi at 2.75%, total closing cost about 5k. Bank says 2 months before we close.

I did a 10 year re-fi for 3.15% a few months back for zero closing costs with Cashcall. I mean truly zero closing costs other than a $175 fee to close the old loan, which had nothing to do with the new loan. You should look and see if you can drop yours and start again.

[rattlsnak]

Thanks all. Still looking at a few other options..

[campbellcj]

Another consideration in choosing a term is whether you've got any other debt that you should focus on repaying before the mortgage. We just recently went from a 20yr to a 30yr for that reason -- mortgage rates are so friggen low right now, and my wife has another (far smaller) loan at 2X the rate that we can pay off more quickly with a lower 30yr mortgage payment. Plus, obviously other personal interest is not typically tax-deductible whereas mortgage interest still is (for now).

Rates are so low now that our payment is just about 1/2 what it was when we bought this place 10 years ago. All interest. That is just mind-blowing. And rates were nowhere near historical highs a decade ago.