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Time to Refinance?

I’ve been hearing more confusion lately regarding how and when it makes sense to refinance your mortgage, and thought we’d discuss it a bit today. First, the obligatory graph – You can see that as recently as 2009, rates were still above 5% and in the 7’s earlier in the decade. This is well above [...]

Mortgage – 15 year term vs 30

In the day to day conversations about money there are probably a good dozen recurring themes that are brought up frequently. One of them is refinancing the mortgage, and with rates as low as they are today, the debate of 15 vs 30 year terms is still being tossed around. There are compelling arguments for [...]

My Latest Refinance

I have a rental property that had a mortgage with a dozen years left to go. The remaining balance, $72,000 and a rate of 5-7/8%. I recently got a letter from Chase telling me they’d offer a refinance with little effort on my end, no appraisal, no income check. It would cost $1800 in fees, [...]

The Math of Refinancing

I used to think the concept of refinancing one’s mortgage was simple, but lately, I’m not so sure. Let me take you through the process with an example of how I’d approach this. You have a balance of $250K on your mortgage and are paying 6%, Your payment is $1791. You find a 5% mortgage, [...]

My FICO Update

As I mentioned last week, I’m in the midst of one more refinance. Today, the appraiser came, and looked around. Given that the loan to value is less than 35% on my guestimated value, I’m not too concerned. On the other hand, I’m always curious how accurate sites like Zillow are.  I don’t care so [...]

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