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I was able to drop the PMI($60/month) when I re-financed a few years back. Originally the loan was for 30 years, but after 4 years I re-financed. Went from 6.875% to 5.25%. The 26 years left on the original loan was financed to a 15 year loan, increasing the payment to only $40/month because they dropped the PMI. I've always paid the whole payment, plus extra each month on the principal. The lender sent me all kinds of info trying to get me to do the bi-monthly payment plans, at an extra cost of course. I figured since I paid extra on the principal each month all on my own, that I didn't feel their plan was any advantage to me.
Re-financing knocked 11 years off the original loan and saved me over $100k in interest payments, and since I pay extra each month, I figured that will take another 4-5 years off. The house would have been paid off in 2028, but with re-financing and extra payments on the principal, I figure I'll be mortgage free by 2014.
posted by 70.39.32...
Posts in this Thread:
- Seeking Wisdom, Bi-Monthly Mortgage Payments, Drew in Houston, Sat, 19 Aug 2006 09:43:39
- Seems obvious to me - full payment when due >, ChipJ, Sun, 20 Aug 2006 06:23:27
- Re: Seeking Wisdom, Bi-Monthly Mortgage Payments, Caarma
, Sat, 19 Aug 2006 16:20:48 - My first place had a similar mortgage company>, Mike in Anchorage, Sat, 19 Aug 2006 15:51:41
- Read the contract; check your options, dudewithsaab, Sat, 19 Aug 2006 13:56:55
- Re: Seeking Wisdom, Bi-Monthly Mortgage Payments, CWilson, Sat, 19 Aug 2006 10:52:09
- Is it legal? Yes. Is it smart? I don't think so., Dick in Falls Church, Sat, 19 Aug 2006 10:20:04
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