Friday, June 12, 2009

We Refinanced Our Mortgage !

Yesterday my husband and I signed the mortgage refinancing papers. We were lucky that we had locked in the interest rate at 4.375% since the interest rates are now over 5%. In the beginning, I wasn't sure that refinancing would save us much money. I am glad that I decided to run the numbers with our banker.

Our interest rate went from 5.625% to 4.375% and we went from a 30 year loan to a 15 year loan. Our payments went from $1381.58 a month to $1456.55 a month. Yes, our payments went up about $75 a month but we are paying off the loan in 15 years versus the 24 years that we had left on the old loan.

How much will we save over the loan period by refinancing?? Drum roll please..... almost $70,000 !!!! Wow!

If you have a higher interest rate and good credit, you might want to talk to your bank to see if refinancing will save you $$$.


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