The world changed rapidly in March. While it feels like an eternity, just eight weeks ago most of the United States was only just realizing the seriousness of COVID-19. As financial markets began to seesaw, the, so did mortgage rates. My loan was just three years old, but still I decided the time was right to refinance. When I did, I lowered the term of my 30-year loan by five years, which effectively cut two years off of the life of my mortgage.
With just a year of full-time income under my belt, my wife and I had to scramble to find a bigger down payment if we wanted to buy the home we had in mind. Based on one part-time year and one full-time year of self-employment, the maximum loan we qualified for left us a little short. We made that monthly payment as planned for nearly three years before rates dropped in March. Rates fell enough that we decided to lock in a lower rate. With four years of self-employment,Easy approval also gave us some options as to how we wanted our new loan to come together. We didn't need or want aChoosing between a lower payment and a shorter loan duration
The math came out to a monthly payment of about $150 lower per month with a 30-year loan or $50 lower per month with a 25-year loan. The lower payment and lower term seemed like a win-win. We would trim two years off of our loan and cut our payment at the same time.and ended up getting about $700 back when our loan settled. Our loan balance did go up, but only by a small amount compared to the loan balance and lifetime interest.
ایران آخرین اخبار, ایران سرفصلها
Similar News:همچنین می توانید اخبار مشابهی را که از منابع خبری دیگر جمع آوری کرده ایم، بخوانید.
منبع: BusinessInsider - 🏆 729. / 51 ادامه مطلب »
منبع: BusinessInsider - 🏆 729. / 51 ادامه مطلب »
منبع: BusinessInsider - 🏆 729. / 51 ادامه مطلب »
منبع: BusinessInsider - 🏆 729. / 51 ادامه مطلب »