Refi from 30 year to 15?

[sdcellar]

Your payments on a 15-year loan (even with a 2% lower rate) are lower than your 30-year note? Are you sure this isn’t a 30 due in 15?

Maybe you said that somewhere and I just missed it.

[Coronita]

[quote=sdcellar]Your payments on a 15-year loan (even with a 2% lower rate) are lower than your 30-year note? Are you sure this isn’t a 30 due in 15?

Maybe you said that somewhere and I just missed it.[/quote]

Mentioned it before…Went from jumbo to conforming, so there was a principal paydown. Earlier this year, wasn’t planning on refinance and was just going to pay down the principal (got an unexpected windfall and interest is sucking wind these days anyway). Then the rates fell like a brick…Everything else is history… 🙂

[Coronita]

[quote=sdcellar]Your payments on a 15-year loan (even with a 2% lower rate) are lower than your 30-year note? Are you sure this isn’t a 30 due in 15?

Maybe you said that somewhere and I just missed it.[/quote]

Mentioned it before…Went from jumbo to conforming, so there was a principal paydown. Earlier this year, wasn’t planning on refinance and was just going to pay down the principal (got an unexpected windfall and interest is sucking wind these days anyway). Then the rates fell like a brick…Everything else is history… 🙂

[Coronita]

[quote=sdcellar]Your payments on a 15-year loan (even with a 2% lower rate) are lower than your 30-year note? Are you sure this isn’t a 30 due in 15?

Maybe you said that somewhere and I just missed it.[/quote]

Mentioned it before…Went from jumbo to conforming, so there was a principal paydown. Earlier this year, wasn’t planning on refinance and was just going to pay down the principal (got an unexpected windfall and interest is sucking wind these days anyway). Then the rates fell like a brick…Everything else is history… 🙂

[Coronita]

[quote=sdcellar]Your payments on a 15-year loan (even with a 2% lower rate) are lower than your 30-year note? Are you sure this isn’t a 30 due in 15?

Maybe you said that somewhere and I just missed it.[/quote]

Mentioned it before…Went from jumbo to conforming, so there was a principal paydown. Earlier this year, wasn’t planning on refinance and was just going to pay down the principal (got an unexpected windfall and interest is sucking wind these days anyway). Then the rates fell like a brick…Everything else is history… 🙂

[Coronita]

[quote=sdcellar]Your payments on a 15-year loan (even with a 2% lower rate) are lower than your 30-year note? Are you sure this isn’t a 30 due in 15?

Maybe you said that somewhere and I just missed it.[/quote]

Mentioned it before…Went from jumbo to conforming, so there was a principal paydown. Earlier this year, wasn’t planning on refinance and was just going to pay down the principal (got an unexpected windfall and interest is sucking wind these days anyway). Then the rates fell like a brick…Everything else is history… 🙂

[sdcellar]

So you paid it down something like almost $200K from the sounds of it.

Obviously, getting your mortgage done in 15 years is a great thing, but isn’t quite as easily pulled off as a passer-by on this thread might think.

[sdcellar]

So you paid it down something like almost $200K from the sounds of it.

Obviously, getting your mortgage done in 15 years is a great thing, but isn’t quite as easily pulled off as a passer-by on this thread might think.

[sdcellar]

So you paid it down something like almost $200K from the sounds of it.

Obviously, getting your mortgage done in 15 years is a great thing, but isn’t quite as easily pulled off as a passer-by on this thread might think.

[sdcellar]

So you paid it down something like almost $200K from the sounds of it.

Obviously, getting your mortgage done in 15 years is a great thing, but isn’t quite as easily pulled off as a passer-by on this thread might think.

[sdcellar]

So you paid it down something like almost $200K from the sounds of it.

Obviously, getting your mortgage done in 15 years is a great thing, but isn’t quite as easily pulled off as a passer-by on this thread might think.

[Coronita]

[quote=sdcellar]So you paid it down something like almost $200K from the sounds of it.

Obviously, getting your mortgage done in 15 years is a great thing, but isn’t quite as easily pulled off as a passer-by on this thread might think.[/quote]

I paid off about 55k at closing, not 200k. When I got my loan in 2004, jumbos were anything over 417k (not the current comforming plus which I believe is $697k). My original 30 year jumbo was over $630ish starting in 2004ish. I made the regular payments plus one extra equal payment when I could each month (wasn’t every month). So I knocked off my principal down from $630k to $470k. However, I was still getting reamed on the 5.5% rate of the 30year fixed. I probably should have refinanced sooner.

I don’t think I intended to infer the 15 year was easy to get. If that’s what it seemed, my apologies. Frankly, get the 15 year was quite p.i.t.a… Get a 30 year would have been considerably easier, so I was told. But i didn’t want to start another 30 year loan, and still be making payments during the years I’m wearing Depend garments. There were some 20 year products pitched to me, but the rates weren’t really that much better than 30 years.

[Coronita]

[quote=sdcellar]So you paid it down something like almost $200K from the sounds of it.

Obviously, getting your mortgage done in 15 years is a great thing, but isn’t quite as easily pulled off as a passer-by on this thread might think.[/quote]

I paid off about 55k at closing, not 200k. When I got my loan in 2004, jumbos were anything over 417k (not the current comforming plus which I believe is $697k). My original 30 year jumbo was over $630ish starting in 2004ish. I made the regular payments plus one extra equal payment when I could each month (wasn’t every month). So I knocked off my principal down from $630k to $470k. However, I was still getting reamed on the 5.5% rate of the 30year fixed. I probably should have refinanced sooner.

I don’t think I intended to infer the 15 year was easy to get. If that’s what it seemed, my apologies. Frankly, get the 15 year was quite p.i.t.a… Get a 30 year would have been considerably easier, so I was told. But i didn’t want to start another 30 year loan, and still be making payments during the years I’m wearing Depend garments. There were some 20 year products pitched to me, but the rates weren’t really that much better than 30 years.

[Coronita]

[quote=sdcellar]So you paid it down something like almost $200K from the sounds of it.

Obviously, getting your mortgage done in 15 years is a great thing, but isn’t quite as easily pulled off as a passer-by on this thread might think.[/quote]

I paid off about 55k at closing, not 200k. When I got my loan in 2004, jumbos were anything over 417k (not the current comforming plus which I believe is $697k). My original 30 year jumbo was over $630ish starting in 2004ish. I made the regular payments plus one extra equal payment when I could each month (wasn’t every month). So I knocked off my principal down from $630k to $470k. However, I was still getting reamed on the 5.5% rate of the 30year fixed. I probably should have refinanced sooner.

I don’t think I intended to infer the 15 year was easy to get. If that’s what it seemed, my apologies. Frankly, get the 15 year was quite p.i.t.a… Get a 30 year would have been considerably easier, so I was told. But i didn’t want to start another 30 year loan, and still be making payments during the years I’m wearing Depend garments. There were some 20 year products pitched to me, but the rates weren’t really that much better than 30 years.

[Coronita]

[quote=sdcellar]So you paid it down something like almost $200K from the sounds of it.

Obviously, getting your mortgage done in 15 years is a great thing, but isn’t quite as easily pulled off as a passer-by on this thread might think.[/quote]

I paid off about 55k at closing, not 200k. When I got my loan in 2004, jumbos were anything over 417k (not the current comforming plus which I believe is $697k). My original 30 year jumbo was over $630ish starting in 2004ish. I made the regular payments plus one extra equal payment when I could each month (wasn’t every month). So I knocked off my principal down from $630k to $470k. However, I was still getting reamed on the 5.5% rate of the 30year fixed. I probably should have refinanced sooner.

I don’t think I intended to infer the 15 year was easy to get. If that’s what it seemed, my apologies. Frankly, get the 15 year was quite p.i.t.a… Get a 30 year would have been considerably easier, so I was told. But i didn’t want to start another 30 year loan, and still be making payments during the years I’m wearing Depend garments. There were some 20 year products pitched to me, but the rates weren’t really that much better than 30 years.

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