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mortgage question. If you take out a 30 yr mtg now
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raken40
soooo in love:)
Member since 5/05 4369 total posts
Name:
Karen
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mortgage question. If you take out a 30 yr mtg now
and then say 3 years down the road, the interest rate is lower and you want to refinance, can you refinance for another 30 years? or would you have to do it for the same amount of years you have left?
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Posted 5/27/05 7:28 AM  |
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computergirl
LIF Adult
Member since 5/05 3118 total posts
Name:
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Re: mortgage question. If you take out a 30 yr mtg now
Down the road, I'm pretty sure you can refinance the remaining amount for another 30 years. A refinance is basically a brand new mortgage, which wipes out the old existing mortgage.
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| Posted 5/27/05 8:49 AM |
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CunningOne
***
Member since 5/05 26975 total posts
Name:
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Re: mortgage question. If you take out a 30 yr mtg now
I believe you can refi at any term. We refi'ed back in 2002 and went from a 30 year to a 20 year! Best thing we ever did!
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| Posted 5/27/05 8:52 AM |
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LMFitz
life is good
Member since 5/05 2013 total posts
Name:
L
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Re: mortgage question. If you take out a 30 yr mtg now
they're always looking for you to extend the life of your loan, so you can almost always refi and renew at 30 years. They want you to be indebted for as long as possible - that's what makes them money!
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| Posted 5/27/05 9:04 AM |
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dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
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Re: mortgage question. If you take out a 30 yr mtg now
When you re-finance, you're really paying off your existing mortgage and starting a new one - whether it be 10, 15, 20 or 30 years from the re-finance date.
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| Posted 5/27/05 3:35 PM |
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