Streamline Refinancing My Home Mortgage
On this episode we talk about Streamline Refinancing. Specifically, how Matt saved $130 a month without increasing the term of his mortgage.
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Show Notes
On this episode, we talk about Streamline Refinancing. Specifically, how Matt used it to shave over $130 a month off his mortgage payment without being hit with more interest or increasing the term of his mortgage.
The refinance also bought him a month without payment and the closing costs were less than the monthly mortgage payment he saved.
Matt also doesn’t have a steady paycheck and the way he streamlines refinanced didn’t require a pay stub. We calculated that over the remaining term of his mortgage he will save over $13,000. Lower payment and lower cost overall – profit all around!
In addition to discussing the details of Matt’s refinance we go a bit into the difference between the various types of mortgages and their merits. We may also make fun of financing a car but if you know me, that’s to be expected ;)
Show Notes
Fixed Rate Mortgage – The 30-year mortgage and 15-year mortgage fall under this category. The majority of mortgages are fixed rate although that doesn’t mean it’s the best option. Just the most popular.
Adjustable Rate Mortgage – Otherwise known as an ARM, these mortgages are front-loaded with a ton of savings (way low rates) for the risk that in a certain number of years the rate will be adjustable. Since you can always refinance into a fresh ARM with fresh savings some say this is a no brainer.
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