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Originally Posted by My Daily Run
Looking to refinance...any advice...lenders...pros and cons...would love some ideas...Citizens First vs. other lenders
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Refinance. Beware of the gotchas. We have our mortgage with Citizen's First. It is a 15 year mortgage and we've been paying for 8 years. First of all mortgage interest is paid first and then you pay more and more of the principle. Thus, if you refinance the actual interest you pay is far more than what was quoted on your original mortgage that you agreed to. Also, not a surprise, even though Citizens First has our current mortgage, we have top credit scores, they still will charge you closing costs. In the end, it just did not make sense to do it.
Just beware and after you get the numbers be sure to to consult with an accountant.
I foolishly expect sanity. With the average age here being 70, I will use that as my number. A bank cannot deny you, if, you are credit worthy a 30 year mortgage at age 70.
Chance of ever paying it off is about as close to zero as you can get.