Refi from 30 year to 15?

[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.

[sdcellar]

I didn’t think you were trying to infer that at all. Sometimes things just come across the way they come across. I would also never assume people always have the same takeaway as me, so for all I know maybe I was the only one who read it that way. Just what happens with the written word.

Even here, I wasn’t talking about the loan process (that does seem like a PITA), I was just referring to the lower payment. If one could lower their payment by going to the 15-year, I’m pretty sure everybody would do it.

With regard to the specifics, I wasn’t accounting for any paydown you may have been doing over the years. Sounds like you’d done great on that front and shaved off almost $100K there. I had your original loan amount at $660K, but that was simply running numbers backward. Obviously, if it was $630, it was $630.

Agree with you about the attractiveness of getting the house paid off before your old and gray, but also want to remind everyone that you can still do a 30 (if that’s all you can qualify for) and pay it down more quickly. Personally, this would be my approach if I was already several years into the loan I was refinancing and I’m pretty sure I’ve seen you recommend something similar. Obviously, you’re a fan of paying a little extra principal from time to time.

[sdcellar]

I didn’t think you were trying to infer that at all. Sometimes things just come across the way they come across. I would also never assume people always have the same takeaway as me, so for all I know maybe I was the only one who read it that way. Just what happens with the written word.

Even here, I wasn’t talking about the loan process (that does seem like a PITA), I was just referring to the lower payment. If one could lower their payment by going to the 15-year, I’m pretty sure everybody would do it.

With regard to the specifics, I wasn’t accounting for any paydown you may have been doing over the years. Sounds like you’d done great on that front and shaved off almost $100K there. I had your original loan amount at $660K, but that was simply running numbers backward. Obviously, if it was $630, it was $630.

Agree with you about the attractiveness of getting the house paid off before your old and gray, but also want to remind everyone that you can still do a 30 (if that’s all you can qualify for) and pay it down more quickly. Personally, this would be my approach if I was already several years into the loan I was refinancing and I’m pretty sure I’ve seen you recommend something similar. Obviously, you’re a fan of paying a little extra principal from time to time.

[sdcellar]

I didn’t think you were trying to infer that at all. Sometimes things just come across the way they come across. I would also never assume people always have the same takeaway as me, so for all I know maybe I was the only one who read it that way. Just what happens with the written word.

Even here, I wasn’t talking about the loan process (that does seem like a PITA), I was just referring to the lower payment. If one could lower their payment by going to the 15-year, I’m pretty sure everybody would do it.

With regard to the specifics, I wasn’t accounting for any paydown you may have been doing over the years. Sounds like you’d done great on that front and shaved off almost $100K there. I had your original loan amount at $660K, but that was simply running numbers backward. Obviously, if it was $630, it was $630.

Agree with you about the attractiveness of getting the house paid off before your old and gray, but also want to remind everyone that you can still do a 30 (if that’s all you can qualify for) and pay it down more quickly. Personally, this would be my approach if I was already several years into the loan I was refinancing and I’m pretty sure I’ve seen you recommend something similar. Obviously, you’re a fan of paying a little extra principal from time to time.

[sdcellar]

I didn’t think you were trying to infer that at all. Sometimes things just come across the way they come across. I would also never assume people always have the same takeaway as me, so for all I know maybe I was the only one who read it that way. Just what happens with the written word.

Even here, I wasn’t talking about the loan process (that does seem like a PITA), I was just referring to the lower payment. If one could lower their payment by going to the 15-year, I’m pretty sure everybody would do it.

With regard to the specifics, I wasn’t accounting for any paydown you may have been doing over the years. Sounds like you’d done great on that front and shaved off almost $100K there. I had your original loan amount at $660K, but that was simply running numbers backward. Obviously, if it was $630, it was $630.

Agree with you about the attractiveness of getting the house paid off before your old and gray, but also want to remind everyone that you can still do a 30 (if that’s all you can qualify for) and pay it down more quickly. Personally, this would be my approach if I was already several years into the loan I was refinancing and I’m pretty sure I’ve seen you recommend something similar. Obviously, you’re a fan of paying a little extra principal from time to time.

[sdcellar]

I didn’t think you were trying to infer that at all. Sometimes things just come across the way they come across. I would also never assume people always have the same takeaway as me, so for all I know maybe I was the only one who read it that way. Just what happens with the written word.

Even here, I wasn’t talking about the loan process (that does seem like a PITA), I was just referring to the lower payment. If one could lower their payment by going to the 15-year, I’m pretty sure everybody would do it.

With regard to the specifics, I wasn’t accounting for any paydown you may have been doing over the years. Sounds like you’d done great on that front and shaved off almost $100K there. I had your original loan amount at $660K, but that was simply running numbers backward. Obviously, if it was $630, it was $630.

Agree with you about the attractiveness of getting the house paid off before your old and gray, but also want to remind everyone that you can still do a 30 (if that’s all you can qualify for) and pay it down more quickly. Personally, this would be my approach if I was already several years into the loan I was refinancing and I’m pretty sure I’ve seen you recommend something similar. Obviously, you’re a fan of paying a little extra principal from time to time.

[sdduuuude]

Related article, confirming FLU’s experience:

http://news.yahoo.com/s/nm/20101013/bs_nm/us_usa_housing_mortgages

[sdduuuude]

Related article, confirming FLU’s experience:

http://news.yahoo.com/s/nm/20101013/bs_nm/us_usa_housing_mortgages

[sdduuuude]

Related article, confirming FLU’s experience:

http://news.yahoo.com/s/nm/20101013/bs_nm/us_usa_housing_mortgages

[sdduuuude]

Related article, confirming FLU’s experience:

http://news.yahoo.com/s/nm/20101013/bs_nm/us_usa_housing_mortgages

[sdduuuude]

Related article, confirming FLU’s experience:

http://news.yahoo.com/s/nm/20101013/bs_nm/us_usa_housing_mortgages

[Coronita]

[quote=sdduuuude]Related article, confirming FLU’s experience:

http://news.yahoo.com/s/nm/20101013/bs_nm/us_usa_housing_mortgages%5B/quote%5D

I’ll tell you also that don’t even bother trying to open a credit card at the same time. I had friends that mentioned they had to open a credit card for corporate expenses during they time they were going through a refinance. Dude got a crapstorm of questions from that.

[Coronita]

[quote=sdduuuude]Related article, confirming FLU’s experience:

http://news.yahoo.com/s/nm/20101013/bs_nm/us_usa_housing_mortgages%5B/quote%5D

I’ll tell you also that don’t even bother trying to open a credit card at the same time. I had friends that mentioned they had to open a credit card for corporate expenses during they time they were going through a refinance. Dude got a crapstorm of questions from that.

[Coronita]

[quote=sdduuuude]Related article, confirming FLU’s experience:

http://news.yahoo.com/s/nm/20101013/bs_nm/us_usa_housing_mortgages%5B/quote%5D

I’ll tell you also that don’t even bother trying to open a credit card at the same time. I had friends that mentioned they had to open a credit card for corporate expenses during they time they were going through a refinance. Dude got a crapstorm of questions from that.

[Coronita]

[quote=sdduuuude]Related article, confirming FLU’s experience:

http://news.yahoo.com/s/nm/20101013/bs_nm/us_usa_housing_mortgages%5B/quote%5D

I’ll tell you also that don’t even bother trying to open a credit card at the same time. I had friends that mentioned they had to open a credit card for corporate expenses during they time they were going through a refinance. Dude got a crapstorm of questions from that.

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