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Mortgage interest hike? 4%

PhillyDotNetGuy

By PhillyDotNetGuy
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Bestguy Hero

Bestguy

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Yes even i heard from my friends ..Now the interest rate is 4 percent..One of my friend closed before elections he got for 3.5 percent with bad score i.e., around 715 i think..Crdit score 740 vunte 3.25 iche vadini anandu..I did refinancing as well naaku 2.625 vachindhi for 15 year loan..I paid 500 out of pocket anthe.. 

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PhillyDotNetGuy Side Hero

PhillyDotNetGuy

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19 minutes ago, Bestguy said:

Yes even i heard from my friends ..Now the interest rate is 4 percent..One of my friend closed before elections he got for 3.5 percent with bad score i.e., around 715 i think..Crdit score 740 vunte 3.25 iche vadini anandu..I did refinancing as well naaku 2.625 vachindhi for 15 year loan..I paid 500 out of pocket anthe.. 

Is it ok if we take 4% now for 30 year...and refinance later for 15yr?

how much do we save?

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Bestguy Hero

Bestguy

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1 minute ago, PhillyDotNetGuy said:

Is it ok if we take 4% now for 30 year...and refinance later for 15yr?

how much do we save?

Oh yaa you can do it any time..Basic ga 30 years lo u pay lot for interest and very less goes to principal..15 years lo reverse vuntundhii..Save avtundhi bagane..

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Bestguy Hero

Bestguy

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2 minutes ago, PhillyDotNetGuy said:

Is it ok if we take 4% now for 30 year...and refinance later for 15yr?

how much do we save?

It depends on the Loan amount and other factors tooo.Interest meedha save avtundhi for sure..

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