Hi Everyone,
We weren't looking for houses, already have a good one, but recently found what we thought was our dream house. Went through the process of getting pre-approved and putting in an offer again. We were in a multiple bid situation and ended up being the second highest to someone that went "way way over list price" according to the agent.
That aside, as part of the process, we got pre-approved at 2.75%. Our current mortgage is 4.125%. We've been paying 7 years on a 30 and owe 141,000. If I refinance, it seems like we'll save $30,000 in interest with the lower rate for a refi 23 year mortgage. I ran an amortization calculator to check and even though most of our payments in the first 7 years have been interest heavy, it looks like it confirms that we'd save 30k in interest and lower our required payment by ~$150 per month (we usually pay additional to principal, as well.)
Am I missing anything other than the origination fee? Seems like a no-brainer. We're not actively looking for houses, just if the perfect house comes up. Might not be for 10 or more years, so I don't know if the temp credit hit would affect us.
Submitted September 18, 2021 at 10:22PM by JethroFire https://ift.tt/3AuzULO
