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.
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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
Marjorie Taylor, Director of Operations, Listing Solutions is a licensed Real Estate Broker with VIP Staging and Home Management. A community leader, Taylor is Chairman of the St. Augustine St. Johns County Board of REALTORS Technology Committee; she is professionally educated and trained, holding the designations of CDPE, CRS, CSP, e-PRO, GREEN, GRI, TRC.
Marjorie is passionate about helping clients with their real estate technology needs. 2010 Entrepreneur of the Year - Women’s Council of REALTORS St. Augustine Regional.
904-591-9121
www.ListingSoluutions.net
Marjorie@ListingSolutions.net
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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.