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Real Estate Home Mortgages/mortgage should I refinance


My husband and I built a home in 2008 and borrowed $1000,000.00.  Our original mortgage was for 30 years at 6% interest with payment of $646.30 a month.  We always paid $700.  Two years later we refinanced for a lower interest rate.  This time our beginning balance was $88,968.66 and we dropped to a 15 year mortgage at 3.75% interest.  Our payment is now $647/month.  We still continued to pay $700/month up until March of 2012, when we were able to start paying $1000/month.  And last year we paid an extra $4000 with some our tax return.  Our current balance is $65,131.86.  We have asked at our bank about refinancing again and the loan officer we talked to says we would be better to just keep doing what we are doing; that we wouldn't save any by refinancing.  What are your thoughts on this?  We want to pay off our mortgage as quickly as possible and $1000/month is the most we can pay.  Are there any other things we can do to pay off our mortgage faster?


I agree with the loan officer at your bank.
With your mortgage balance so small and the interest rate being so close to what you currently have, the FEES involved with a refinance would not make it worthwhile.  Paying the additional to your principal to paydown the mortgage balance seems the best option for you.

Wishing you nothing but the very best, Robin.
Brian Hahn
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

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Brian HAHN


I am a mortgage banker/loan officer.Have top knowledge of all types of mortgage loans.Can assist nearly anyone looking to finance a residential property.I enjoy traveling [Society Islands (Tahiti, Bora Bora), Hawaii (Maui) and Africa (Zimbabwe)].I keep detailed information on adventures and am willing to share this information with others.{{Bachelor of Science in Business Administration from the University of Iowa, 1986"


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