Refinancing

[LaterBloomer]

Hi, you'll be rolling your eyes. Yes, I'm taking the M&B DSST Exam soon, but I need money advice/help. I'm thinking of refinancing my 30-year mortgage (about 26 years left) with either a 15-year mortgage, or (gulp) a 10-year mortgage. Does anyone know of a spreadsheet (NOT a refinance calculator) where I could put in all the data to compare the fees/costs/rates/etc. I start the process, and then freeze 'cause it seems like I'm comparing apples to oranges. Any help will be appreciated. Okay, NOW back to studying. Hope all of your are enjoying this BEAUTIFUL day eeya:.

[DSH2007]

Something like this? I haven't used it but found it with a quick google search of these terms: excel spreadsheet compare mortgage.
Free Mortgage Spreadsheet Builder.

Good luck!

And you are right... I should get back to studying (essays to write!).

[marianne202]

I know when we refinanced shortly after buying our home we were advised that if we could recoup your costs of refinancing within two years it was usually worth it, especially if you have a long mortgage left to pay. We now have 19 years left on our mortgage and are considering a refinance to a shorter term loan, but we are already at a low interest rate, so it is very hard to find something that will allow us to recoup costs within 12-24 months. We believe that we may be further ahead of the game to just make an extra payment directly to principle each month and shorten the loan on our own than to refinance, so you may want to consider that if your rate isn't too high. It also allows for things like a job loss or illness, where a new shorter mortgage with higher payment does not. Just something to think about that most mortgage brokers, banks or refi companies won't tell you! Just one or two extra payments a year can knock several years off your mortgage.

[ryoder]

I just closed on a 15 year at 3.0% with a $1700 credit by using Amerisave. Go to their site and plug in your numbers. They have lots of options and are very upfront with closing costs right away. You might be able to do a bit better than them if you shop but I liked the way the website gave me all the info on all the different options so I just stuck with them. My payment is going down and I am cutting 7 years off of my loan.