Indeed, of course, they'll be in good company as I suspect the next 5-10 years are going to be pretty tough ones for a lot of people.
Well, it entirely depends on how much you can save per month on your payments and whether you would be disciplined enough to continue paying that amount towards your mortgage.
Assuming the cost of refinancing to the lower rate wasn't prohibitive, even a relatively minor monthly savings of say $200 could add up substantially if you continued to pay the old payment amount.
Say you refinance your mortgage and with the saving are able to make 13 payments a year instead of 12. Just that extra payment alone will reduce the term of your mortgage from 30 years to 17 years, which means you'd have your house paid off 8 years earlier than you would if you continued on the current mortgage. Not to mention it would save you tens of thousands of dollars in interest.
Without knowing the specifics of your mortgage I can't tell you exactly how much but there are lovely calculators online where you can enter all your details and it will add it up for you.
2) People are idiots, and would rather brag that their kid is too smart for the school / complain that the school doesnt do enough for their kid than actually make the choice (and pay the cost of that choice) to do something about it. I still can't think of the mother who refused us permission to transport her son in an ambulance to the hospital even though she was 45 minutes away because it costs 500 bucks.
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Date: 2009-04-27 11:49 am (UTC)Well, it entirely depends on how much you can save per month on your payments and whether you would be disciplined enough to continue paying that amount towards your mortgage.
Assuming the cost of refinancing to the lower rate wasn't prohibitive, even a relatively minor monthly savings of say $200 could add up substantially if you continued to pay the old payment amount.
Say you refinance your mortgage and with the saving are able to make 13 payments a year instead of 12. Just that extra payment alone will reduce the term of your mortgage from 30 years to 17 years, which means you'd have your house paid off 8 years earlier than you would if you continued on the current mortgage. Not to mention it would save you tens of thousands of dollars in interest.
Without knowing the specifics of your mortgage I can't tell you exactly how much but there are lovely calculators online where you can enter all your details and it will add it up for you.
2) People are idiots, and would rather brag that their kid is too smart for the school / complain that the school doesnt do enough for their kid than actually make the choice (and pay the cost of that choice) to do something about it. I still can't think of the mother who refused us permission to transport her son in an ambulance to the hospital even though she was 45 minutes away because it costs 500 bucks.