Refinancing...but not for me...

[acroyear]

My parents refinanced (well, assuming all goes well at the closing), on a house they've owned for 10 years now (meaning a sizeable amount of principle has been paid already). Well, when you take what you owe for the remaining 20 years on the loan, stretch it back out to 30 years, and cut down 2 points, you end up with almost $500 less to pay per month. Which is very nice since that's just about how much less my parents make per month since my dad's no longer working. So they're back to a managable budget again, which makes mom real happy...

Now here's hoping nothing gets in the way of our own refinancing...I'm just glad we locked when we did, 'cause in spite of the last Greenspan drop, the rates themselves have been going up.

Comments

[cybergelfling.livejournal.com]

good luck with the refinancing. chad and i had considered looking into it, but we're hoping to leave this house in a year or so anyway, so didn't think it was worth it. we were probably wrong, but that's naievity for you.

[dorei.livejournal.com]

That's because mortgage rates aren't tied to the Fed. However, if you watch treasury note rates, they pretty much follow THAT line.