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Keeping your home - Re-fi or pay on Principal?

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Real Estate Agent with Florida Homes Realty and Mortgage

With interest rates at such a low, those considering keeping their homes, (like me) have been tempted to refinance at a lower rate.  But I've also considered making extra payments to reduce my principal. 

I turned to the advice of Jack Guttenag, Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania.refinance 

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Marjorie Taylor, Watson Realty Corp. is a licensed Real Estate Broker and community leader representing Homes in St. Augustine.   She holds the professional designations of CRS, CSP, e-PRO, GRI, TRC and is passionate about helping clients buy and sell Homes in St. Augustine and Homes in St. Augustine Beach, Florida.

904-591-9121

www.TheBestAgentInStAugustine.com

Marjorie@MarjorieTaylor.net

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Marjorie Taylor, Broker Associate

Marjorie Taylor, is a licensed Real Estate Broker Associate with Florida Homes Realty and Mortgage.  Representing the North East Florida area. A community leader, active in the St. Augustine Regional Council, Taylor is past Director and Technology Committee Chairman of the St. Augustine St. Johns County Board of REALTORS.  A Certified Home Stager, she is professionally educated and trained, having earned the designations of CDPE, CRS, CSP, e-PRO, GREEN, GRI, TRC.

Marjorie is passionate about St. Augustine and the needs of her clients. Past recipient of the Entrepreneur of the Year - Women’s Council of REALTORS St. Augustine Regional.

904-591-9121
AgentMTaylor@gmail.com
MyFHRM.com

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Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

Marjorie I did the calculations for several clients that refinance in 2003 and 2004.  The only way it made sense to refi to a lower rate was to continue to pay the same payment they were right now and refi to the lower rate.

If you pay the new lower payment the cost of the new interest that was added on would make it financially dumb to do it.

Jun 29, 2009 01:57 PM
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Author Bio: Marjorie Taylor, is a licensed Real Estate Broker working with Florida Homes Realty and Mortgage in the North East Florida. A community leader, Taylor is past Chairman of the St. Augustine St. Johns County Board of REALTORS Technology Committee; involved with the St. Augustine Regional Council. A Certified Home Stager, Taylor is professionally educated and trained, earning the designations of CDPE, CRS, CSP, e-PRO, GREEN, GRI, TRC.

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