ST Alpha - "hmm, refinance with a drop of 1% to my rate, reduce the premium period to 20 yrs, increase payment by $20 a month (sounds like a good idea right?) -- (edited)" (Reading a Post)

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hmm, refinance with a drop of 1% to my rate, reduce the premium period to 20 yrs, increase payment by $20 a month (sounds like a good idea right?) -- (edited)

Posted by Truman Feb 29 '16, 13:25

seems like a win-win (I already pay more than that $20 a month in extra principle, so no change to my autopay unless I want to pay even more)

Responses:

where did you find this? -- nm - Remlik Feb 29, 13:36 1
- its a "member" perk from the AICPA (its a deal to drive members to Wells fargo) - Truman Feb 29, 13:55
Yes, we did similar, dropped over a point, and shaved 10 years off to 15...just about 2 years to go -- nm - zeitgeist Feb 29, 13:33
sounds like a winner -- nm - crash davis Feb 29, 13:33
run a couple of amortization schedules to see how much of a benefit that is giving you. - groiny Feb 29, 13:28 1
- there is a bit, but not a huge amount ($1k or so i think is what they said). - Truman Feb 29, 13:32
Do you get a lower rate for going to 20? You can always do 30 and pay on a 20 schedule to get some flexibility. - spamlet Feb 29, 13:27 1
- yes, lower by about 1/3 of a point for going 20 over 30. -- nm - Truman Feb 29, 13:32

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