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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: SaucyAussie on August 25, 2018, 09:51:04 AM

Title: Should I refinance to a 10-year fixed mortgage?
Post by: SaucyAussie on August 25, 2018, 09:51:04 AM

I am 9 years into a 5/1 ARM, currently 3.625% but likely to jump to 4.625% next April.  Loan balance 170K, property value 260K. I am 48 years old if that's relevant.  I assume I can afford the higher payment.

I see that my credit unions have 10 year fixed products with really low interest rates, I am seeing 3.5% and 3.75%.

Feels like a no-brainer to me, but are there other things I should be considering?

Also, any tips on shopping for such a product, beyond what I have already done?  I see that SOFI does not have 10 year mortgages.  I made the mistake of putting my info into LendingTree and my phone and email has been blowing up all morning.

Thank you!

Title: Re: Should I refinance to a 10-year fixed mortgage?
Post by: Catbert on August 25, 2018, 11:06:38 AM

Your credit union offer seems like a no brainer to me too.  That assumes that you can easily handle the higher payment.

Title: Re: Should I refinance to a 10-year fixed mortgage?
Post by: Duke03 on August 25, 2018, 11:39:16 AM

My credit union offers a refi deal that they don't advertise that is really sweet.  They will be a hard money lender on any refi up to 11 years in length.  They don't require you to go through a normal closing process.  Just sign 4 sheets of paper (basically like a car loan) and pay only $600 to refi.  It's an awesome deal that I've referred countless people to and have used it twice myself.  On the last mortgage I refied with them I caught the falling knife on rates and got a 2.1% fixed rate for 11 years.

Title: Re: Should I refinance to a 10-year fixed mortgage?
Post by: SaucyAussie on August 27, 2018, 05:42:30 AM

Quote from: Duke03 on August 25, 2018, 11:39:16 AM

My credit union offers a refi deal that they don't advertise that is really sweet.  They will be a hard money lender on any refi up to 11 years in length.  They don't require you to go through a normal closing process.  Just sign 4 sheets of paper (basically like a car loan) and pay only $600 to refi.  It's an awesome deal that I've referred countless people to and have used it twice myself.  On the last mortgage I refied with them I caught the falling knife on rates and got a 2.1% fixed rate for 11 years.

That sounds like exactly what I want - care to share the name of your credit union?

Title: Re: Should I refinance to a 10-year fixed mortgage?
Post by: katsiki on August 27, 2018, 07:45:04 AM

Wow, both of these CU's sign great!  Sign me up :)

I love credit unions..  just joined another one locally Saturday.