I forgot to mention that my first refinance was made free. I literally transferred the balance from my original mortgage to the new one without paying a single penny on fees. I only had to take an increase on my interest rates that was offered at that time from 5% to 5.375%. But I was already paying 6%. So I lowered my monthly payment from 1190 to 1090, but I kept making the same $1190 I was making when at 6%. The second refinance plan will pay itself off in ount that I paid on fees, I would have paid them on interest if I had kept my original 30 yr mortgage at 5.375%. I believe that if you can take a drop of 1% on your interest rates for a refinance plan, you consider refinancing your mortgage. Of course every case is different and every situation needs to be analyzed carefully before making these decisions. It is not very easy to go from 1200 to 1450 on the monthly payment, but it’s worth the effort in the long run. I just wished I had started with this mentality the first time I purchased my home. My balance would’ve been much lower now. Thanks for replying to my post.
I also earn cash rewards from my Chase CC and get a check at the end of the year, not to mention paying the LOC and CC off every month and my credit score is 805
My husband passed away a couple months ago. He told me whatever I do he wants me to pay the mortgage off. So, I did a couple days ago and I will tell you what it feels great! (mehr …)