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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: Warpfactor who wrote (17625)	11/9/2002 5:15:00 PM
From: Gottfried	Respond to of 23153

Warp, calculate breakeven after you ascertain the cost to you ['good faith estimate']. I just refinanced and it will take about 1 1/2 years. [# months to breakeven X monthly savings = total refi fees] Gottfried

To: Warpfactor who wrote (17625)	11/9/2002 6:04:01 PM
From: chowder	Read Replies (1) \| Respond to of 23153

Warp, rather than refinance, pay an extra $50 per month on your mortgage. On a 100K loan, paying an extra $50 per month knocks 6-7 years off a 30 year loan and still allows you the maximum tax benefit up front. Here's a mortgage calculator to run some numbers with. It's easy enough that even I could it. <ggg> bankrate.com dabum

To: Warpfactor who wrote (17625)	11/9/2002 6:15:40 PM
From: upanddown	Read Replies (2) \| Respond to of 23153

Warp Have you looked into the possibility of an adjustable mortgage? Not sure what the current rates are but it might work out better if you see a long period of low interest rates ahead. I've had the same adjustable from my credit union for ten years and have had absolutely no need to re-finance since lower interest rates are quickly reflected in the new rate. Mine is probably better terms than are now available (1 year t-bill rate + 2.25% with a cap of 1% up in 12 months and no cap down (which has worked out great in the last two years going from its highest ever (8.30%) to the current 3.93% (1.68% t-bill rate + 2.25%). Even if interest rates jump, it can't go above 4.93% for a year. Probably averaged around 6% for the last 10 years, maybe a little less now. Might be worth looking into if you can find one with a low cap. John