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Home Loan Question??

brickdome

brickdome

Rising Star
BGOL Investor
Board, I have a quick question about my current home loan. Been in the home since Sept. 14 so i got a long way to go in paying this bitch off. Im paying 100.00 more each month that goes to the principal. My interest rate is 4.125 i got the West Virginia housing development fund. Is that interest rate decent at this point. Or should i look into refinancing? If so doesn't that start the whole loan over again? Fam i need some guidance. Thanks
 
you won't be able to refinance for a year...whatever you decide make sure it's fixed cause they bout to raise interest rates soon
 
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BeatDownRecords said:
4.1% is a good rate see if you can get it down below 4%
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Will do.

Is 100 extra a month a nice amount or should i look at 150.00? I want to pay this thing off in less than the 30 years i got the loan for. The amount of interest im paying is ridiculous almost as much as the principal
 
brickdome said:
Will do.

Is 100 extra a month a nice amount or should i look at 150.00? I want to pay this thing off in less than the 30 years i got the loan for. The amount of interest im paying is ridiculous almost as much as the principal
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Yeah the extra 100 or 150 is good.. Also when the bank sends you that escrow check at the end of the year send that shit right back to the mortgage lol
 
Makes no sense trying to refi at this point, lowest rates I see are 3.75, you shouldn't move for that much, will cost you too much in adding to your mortgage if you include closing costs or paying out of pocket for that matter.

Continue paying the $100 a month and a lil more when you can, and make sure your company isn't putting it towards interest or escrow as I have heard of some stories with companies pulling a fast one.

100 a month and you can pay it off in 20 years or so, depending on how much your mortgage is.

::two cents::
 
Mixd said:
Makes no sense trying to refi at this point, lowest rates I see are 3.75, you shouldn't move for that much, will cost you too much in adding to your mortgage if you include closing costs or paying out of pocket for that matter.

Continue paying the $100 a month and a lil more when you can, and make sure your company isn't putting it towards interest or escrow as I have heard of some stories with companies pulling a fast one.

100 a month and you can pay it off in 20 years or so, depending on how much your mortgage is.

::two cents::
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Thanks fam....
 
Stay with the current rate unless you can get below 3.25. The cost of refinancing won't be worth it. The fact that you're paying $100 /month in addition takes care of the effects of a higher rate.
 
brickdome said:
Board, I have a quick question about my current home loan. Been in the home since Sept. 14 so i got a long way to go in paying this bitch off. Im paying 100.00 more each month that goes to the principal. My interest rate is 4.125 i got the West Virginia housing development fund. Is that interest rate decent at this point. Or should i look into refinancing? If so doesn't that start the whole loan over again? Fam i need some guidance. Thanks
Click to expand...

Principle payments are always good. Money is counting.
 
the rule of thumb is it is worth it if you can get 2% drop in interest rate. its such a rough estimate (in my opinion) because it depends on loan term (30 years, etc), down payment, etc. i'm mad busy right now, so i wont elaborate.
 

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