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Cars > monkeewrench’s Garage > Blog > -Locked at 5%!!!

 

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monkeewrench

M –48
Bend, Oregon
United States

 

monkeewrench’s Blog Posts 1 – 5 of 7

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-Locked at 5%!!!

By monkeewrench

-Nothing to do with cars, except houses have garages for cars...

-Anyway, lending rates dropped again yesterday and my mortgage tycoon nab hounded me once more. I have less than fantastic credit and was still able to lock in and refi the house on a 30-year fixed at 5%!!! Down from 6.65% which wasn't bad, but over a point and a half warrants a killer savings, well worth the closing costs!!!

If anyone is thinking about doing a refi / "personal bailout" I can't reccomend it enough, get on it ASAP!

-Happy Holidays Everyone!

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JerryandMary’s Profile Photo
JerryandMary
Dec 12, 2008 at 11:41 am
That's great! For most, that is a great way to save. Of course those with paid down mortgages need to proceed cautiously when it comes to extending the length of their mortgage. Then the bi-weekly payment produces great savings also, at no additional cost to the borrower. Couple the bi-weekly payment program with some extra on the payment each month and watch your mortgage balance drop (all depends on what is in ones budget of course). Old saying: beat the rent and you have the world by the a$$, Translated that means payoff your home as quickly as possible and you will be way ahead. Just a couple thoughts.

Jerry
 

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Cars > monkeewrench’s Garage > Blog > -Locked at 5%!!!

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