We’re refi’ing from a 15yr fixed at 4.875 (done in 2003 when rates were at _historic lows_!) to a 10yr fixed at 3.875 now that rates are at, you guessed it, _historic lows_! Since we’ve paid so much principal in the last 7 years, our payments are greatly reduced, and it only pushes out completion for about 2 years. (15 -7 = 8 years left, new loan is 10 years). And it’s about $500/month savings. Just do it!
A small point, but I believe that any refinance becomes a recourse loan in the event of a foreclosure. The original loan and even the second if used for the initial purchase is non-recourse. That means that in the event of foreclosure there is no deficiency judgment.
On any refi, I believe the entire loss (in the event of foreclosure) becomes recourse.
A small point, but I believe that any refinance becomes a recourse loan in the event of a foreclosure. The original loan and even the second if used for the initial purchase is non-recourse. That means that in the event of foreclosure there is no deficiency judgment.
On any refi, I believe the entire loss (in the event of foreclosure) becomes recourse.
A small point, but I believe that any refinance becomes a recourse loan in the event of a foreclosure. The original loan and even the second if used for the initial purchase is non-recourse. That means that in the event of foreclosure there is no deficiency judgment.
On any refi, I believe the entire loss (in the event of foreclosure) becomes recourse.
A small point, but I believe that any refinance becomes a recourse loan in the event of a foreclosure. The original loan and even the second if used for the initial purchase is non-recourse. That means that in the event of foreclosure there is no deficiency judgment.
On any refi, I believe the entire loss (in the event of foreclosure) becomes recourse.
A small point, but I believe that any refinance becomes a recourse loan in the event of a foreclosure. The original loan and even the second if used for the initial purchase is non-recourse. That means that in the event of foreclosure there is no deficiency judgment.
On any refi, I believe the entire loss (in the event of foreclosure) becomes recourse.
