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should i refi?

would like to reduce my monthly payment to stay out of annual debt hole. original loan = $235k at 4.5% starting 8/2005, currently down to $193. might be able to get 4% for 30mo. and reduce payment by almost $300/mo. people are tellilng me not to due to 'short-term gain, long-term pain' rationale. thoughts?
By mark.pittoni354 from CA Dec 5th 2014

Hello Mark, When it comes to refinancing I always ask "what are your longterm goals"? How long are you planning to keep the home? Will the savings justify the refinancing costs? Is your goal to pay off the loan? Each situation is individual, and based on you and your family's goals. This should tell you if it makes sense. Please give me a call and we can discuss details. Michele Kole, Senior Loan Officer, Land Home Financial Services, NMLS#248631 858-344-5998

Dec 5th 2014

Whether or not it's worth it is a decision only you can make.. 1/2% in interest rate savings is not significant, but the fact that you're recasting your 9 year old loan into a new 30 year loan is where the lower payment comes from.. if your unable to maintain payments, then it's a no brainier.. But if you do refinance, and your able to continue to pay the same amount you have been paying, you will actually pay off loan sooner than if you never refinanced.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 5th 2014

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