mortgage question.

[WESTPORTMAFIA]

Originally Posted by Redsoxticket

Wait it out until you have 20% equity ?
You principal payments have steadily been increasing monthly thereby the 20% will occur sooner then starting a new loan with more years.
My calculations show that a .25 increase in interest will yield $39

more per month for the length of a new loan. Also you need to consider the closing cost.

I meant .25 higher than the lowest going rate. Not what he has. We also have room to pay closing costs. He's at 100% now or close. If he can't find anything now he may be waiting 10 years to be at 80% with values still dropping and a crap ton of short sale inventory on the market not including the crap ton of stuff over 90 days late now that won't hit the market for a while.
If you can get a loan at your present rate or lower and same length of years then you have a good deal.
Posted from my iPhone/Mobile device

Posted from my iPhone/Mobile device