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Mortgage/Refinancing question
Posted on 4/14/10 at 9:02 am
Posted on 4/14/10 at 9:02 am
This guy I know was talking about refinancing his mortgage the other day. Currently, he has a 30 year mortgage (which, I believe, is fixed rate and he is in year 3) but he said that once he refinances he will pay it off in 12 years. The only thing that even remotely makes this possible to me is paying the same mortgage note twice a month instead of once. But I'm fairly ignorant in this field so I don't know what the options are. Am I right with my assumption and is this beneficial? I didn't really want to ask him any questions for fear of sparking further conversation.
3
Posted on 4/14/10 at 10:24 am to Ole Miss Sucks
Its possible if he had a very high interest rate to begin with.
Posted on 4/14/10 at 10:53 am to Ole Miss Sucks
quote:
but he said that once he refinances he will pay it off in 12 years.
You can pay off a 15 year in 12 years 8 months when you pay every other week......
I had one before.....
Posted on 4/14/10 at 11:01 pm to Ole Miss Sucks
With rates as low as they are, why pay it off early?
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