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Need advice on whether to consider a mortgage refinance

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George D

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Need advice on whether to consider a mortgage refinance

wrote:

George D wrote:

I close on a refinance on Monday. The purpose was to reduce the interest rate, no money out no
lengthening or shortening of the term. We refinanced 6.25% to 5.23% with Bank One. Total closing
costs $95.00 and no points. I don't know what it did to the payment yet but it has to be some lower.

You probably have already verified it, but make sure that there are no
prepayment restrictions or penalties tossed in at the signing. Them's walking
words.

$500.00 prepayment penalty if paid off in full before 2 1/2 years. I have lived here for 30 years
and I am planning on living here for the rest of my life so that is not a problem.

Better not be any suprises on closing. I know everybody in that branch and I can raise H---.

--
George D
Phoenix, AZ

AAA, AARP, ANA, NRA, RCC ?+1, PIA, PIAAZ, GATF 85006-3032-18-4

The reward for a good deed is to have done it.

Please use this address to mail me. Or remove the arizona in the link.
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