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More background: I bought my place in 2011, always have had roommates since, and paid extra principle as much as possible. I refinanced 3 years ago to lock in 3.5% interest on a 15 year fixed mortgage starting at 135k. I have paid it down to 55k and will soon be renting out my entire house for $2700-2800 (A big swanky apartment complex with retail, restaurants, and a parking garage opened up down the block which catapulted my home value, and also upped what I can get for rent)

My current monthly payment (tax and insurance included) is $1470 and I can bring that down to about $950 if I refi with my credit union and get a 10 year loan at 3.25%. Closing costs will be around 2.5k so those will be recovered in 5 months. After that I'll be saving $520/mo and saving a few thousand in interest over the life of the loan. Anything else I should be considering? I'd be happy to answer any questions and thanks in advance for all your input!



Submitted January 25, 2017 at 08:31AM by Windfall5555 http://ift.tt/2jwThfv

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