Comments on: Refinancing Your Mortgage? This Is What I Asked My Mortgage Broker http://www.myfindependenceday.com/refinancing-your-mortgage-this-is-what-i-asked-my-mortgage-broker Personal Finance Advice for 30 Somethings and Beyond Sun, 18 Sep 2011 00:21:40 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: No Debt Guy http://www.myfindependenceday.com/refinancing-your-mortgage-this-is-what-i-asked-my-mortgage-broker#comment-1189 No Debt Guy Thu, 27 Aug 2009 17:28:59 +0000 http://www.myfindependenceday.com/?p=1433#comment-1189 Normally a refinance will only help if people have run up some high interest debt they would like to clean up or if they need their payments reduced for cash flow reasons and they take a longer amortization period. Unfortunately folks who run up high interest debt normally don't frequent financial blogs so they can't take advantage of the refinance advice. :) Normally a refinance will only help if people have run up some high interest debt they would like to clean up or if they need their payments reduced for cash flow reasons and they take a longer amortization period.

Unfortunately folks who run up high interest debt normally don’t frequent financial blogs so they can’t take advantage of the refinance advice. :)

]]> By: mfd http://www.myfindependenceday.com/refinancing-your-mortgage-this-is-what-i-asked-my-mortgage-broker#comment-1187 mfd Thu, 27 Aug 2009 17:14:35 +0000 http://www.myfindependenceday.com/?p=1433#comment-1187 @No Debt Guy - You are correct. The interest differential was going to kill me. There would have been some savings but not enough to make it worth the trouble. It was especially a problem since the 10 year rates hadn't dropped below what my 5 year rate is. My mortgage broker also said that the various refinancing options (the fees and blending options) that banks offer change quite frequently. He suggested that we revisit this when/if rates return to a more amiable number or when the break fees is much lower. @No Debt Guy – You are correct. The interest differential was going to kill me. There would have been some savings but not enough to make it worth the trouble. It was especially a problem since the 10 year rates hadn’t dropped below what my 5 year rate is. My mortgage broker also said that the various refinancing options (the fees and blending options) that banks offer change quite frequently. He suggested that we revisit this when/if rates return to a more amiable number or when the break fees is much lower.

]]> By: No Debt Guy http://www.myfindependenceday.com/refinancing-your-mortgage-this-is-what-i-asked-my-mortgage-broker#comment-1186 No Debt Guy Thu, 27 Aug 2009 15:27:45 +0000 http://www.myfindependenceday.com/?p=1433#comment-1186 I am curious about the response you received. Just looking at your situation I can almost guarantee that there is no saving in refinancing even if it was to a three year term. I am curious about the response you received. Just looking at your situation I can almost guarantee that there is no saving in refinancing even if it was to a three year term.

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