<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Refinance

Refinance

March 10th, 2009 at 01:20 am

So I have about $231,000 at 6.25% on a 30 year fixed VA loan. My buddy works for a place that does refinancing and other things like that and can get me 5% fixed. There are some fees of course. I plan on doing a shorter term loan still fixed and VA. What are the cons?

Thanks!

Posted in Uncategorized | 2 Comments »

2 Responses to “Refinance”

  1. creditcardfree Says:
    March 10th, 2009 at 01:25 am 1236648341
    1236648341

    Only that you have to pay fees!! Lower rate, shorter term are definitely worth it if you will be in the home long enough to recoup those fees.

    Of course, if you itemize your interest deduction will go down because you are paying less interest...may end up paying more taxes...but you can always give a gift to charity to offset the taxes.

    Good luck!

  2. prorockm Says:
    March 10th, 2009 at 01:30 am 1236648616
    1236648616

    Thanks Creditcardfree, never thought about that.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]