Two Refis in the Works

November 6, 2009 at 4:30 AM 4 comments

After much debate it looks like my husband and I will refinance both of our properties. For the time being cash flow is the most important factor in our decision. I plan to call our lender tomorrow to refinance both of our homes to 15 year mortgages. This means extending our current mortgage by an additional six years, but interest rates are so ridiculously low that we think it makes more sense to stash the cash or invest it. Our decision isn’t set in stone just yet, but I’m pretty certain we’ll pull the trigger on this one.

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Should We Refinance Our Mortgage? Has Anyone Applied for a Mortgage with ING Direct?

4 Comments Add your own

  • 1. kosmo @ The Casual Observer  |  November 6, 2009 at 3:41 PM

    Is there any sort of penalty for paying extra? We throw extra money at our principle every month. Just because the mortgage is technically a 15 year is no reason why you need to take 15 years to pay it off ­čÖé

    I think out "true" refi costs were something like $1200-$1500. We had costs like pre-funding the escrow at the new lender, but those aren't true costs (as this was offset by a refund of the escrow balance from the old lender).

  • 2. Anonymous  |  November 7, 2009 at 5:18 AM

    Who has come up with the line "pulling the trigger" this is an awful saying with so many of our boys at war and away from their families I truly wish folks would stop using this analogy. It is a non-appropriate phrase at this time.

  • 3. One Frugal Girl  |  November 7, 2009 at 7:25 PM

    @kosmo — We probably will pay a little extra each month to shrink the mortage terms. Up until now we've been paying bi-weekly. I assumed we'll continue with that approach.

    @anonymous — Really 'pull the trigger' is offensive? I use that phrase all the time.

  • 4. evy  |  November 7, 2009 at 11:16 PM

    Have you checked out refinancing with ING Direct? Their rates and closing costs are very favorable.


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