At least half the people are dumber than the rest
- Mar 24, 2005
- Stanley, NC
Check the total interest remaining before you go to refinance. At this point, you have probably paid the vast majority of the interest, and if you start over, you will again have to pay the majority of the interest up front. Renegotiating the rate on your current loan with your current bank could be the best option. I haven't done any math on it, but I would guess you are still better off with 3.5-4% regnegotiation on your current loan instead of ~2.5% on a refinance at 10 years or so.So I'm not a numbers guy and hate loans but I have learned recently that my house is at 4.75% and have it half paid off. In 7 years it's done. Last thing I want is to extend that date.... however. If the current mortgage rate's are 2.xx% it seems crazy not to look at it. Any suggestions or help you want to give a dumb ole redkneck from SC?