Quote:
Originally Posted by asianthree
Paying down mortgage is big money saver, on interest. However some companies will reduce the monthly payments for a fee. Citizens First does for
175. But there are some lenders that will not.
Bond if you r planning on selling in 5 or 6 years, don’t pay off the bond.
However your financial person can put in better perspective for you
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The math is above the comprehension of many. Reduce the monthly payments for a fee?
No one can pull money out of thin air. The options are simple. The mortgage brokers, banks, deliberately make it difficult to comprehend. If, you refinance to get a lower interest rate, the closing fees are 4-8,000. You will be charged that even if you refinance with the bank that already holds your mortgage. They will charge you for stuff like a title search. Searching for a lien against the property. They hold the original mortgage. If, a lien was put against the property, they would be notified. Points it will cost you like 4,000
for one point. It reduces the quoted interest rate so makes the interest rate look better than it is. At the falsely reduced interest rate it takes you roughly 6 years to recover the cost of the point. May or may not be worth doing.
You can also lengthen the time to pay off the mortgage. You are again going to pay closing costs on this deal. For some, I can only pay xxxxxx a month. You need to decide.
Perhaps, I should go to work? Work part time? Perhaps, I need to move? INFLATION-
costs are always going up. If, they go down in the realworld it is because we have gone into a depression. We are told the fed want 2% inflation. At that that rate in 36 years it will take two dollars to buy what a dollar does today. They have recently raised that 2% goal.