Financing in 17109>Question Details

edickerson626, Home Owner in Harrisburg, PA

Is it beneficial to resign a 30 yr mortgage after living in the house 4 years? Will losing years benefit us in the future?

Asked by edickerson626, Harrisburg, PA Tue Apr 2, 2013

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What exactly are you trying to say? Are you doing a refinance? if so (your post is confusing) sure it is if you are lowering your rate and the reduction in payment is beneficial to you.
0 votes Thank Flag Link Fri Apr 18, 2014
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0 votes Thank Flag Link Sat Aug 10, 2013
If you are dropping your interest rate, then yes. Lowering your rate will always benefit if you refinance without raising principal and then continue to make the same payment as you were before. You will always come out ahead doing that. The analogy to it being like restarting a race is inaccurate because it fails to include all pertinent aspects.

It would be more like restarting a race with a 50lb weight removed but applying the same amount of effort. If it was possible to be in a race with yourself carrying that 50lb weight, you would eventually catch up to your former self and pull ahead due to the decreased load. Being only 4 years in will certainly show a benefit if you:

1) Don't increase your balance
2) Keep applying the same amount as you were before.

Doing so will actually shorten the time to pay off.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Tue Apr 2, 2013
Do you mean Refinance? It all depends on how long you plan on staying in the home. Figure out how much it costs you to do the refinance, how much it will save you per month and then how long it will take till the break-even point. If you plan on staying for another 10 years and it takes you a year or two till you start saving money then it will probably be worth it. If it takes longer or you aren't sure then maybe not a good idea.
0 votes Thank Flag Link Tue Apr 2, 2013
It is like restarting a race but it depends if you need the payment relief.

You can get a 25 (or even a 26) year mortgage at the same rate as the 30 but the monthly savings may not be the same.

I'd be happy to "do the math" with you!

You can call me at 2152389400

Fred Glick

Broker/Owner, Multi-state Licensed Real Estate Brokerage U S Spaces, Inc.
Managing Member, NMLS Certified Mortgage Brokerage U S Loans Mortgage LLC

215.238.9400 East Coast
415.683.6950 West Coast

2043 Locust Street Phila, PA 19103 215.829.8850 x201
4354 Perlita Ave Los Angeles, CA 90039 310-741-7179

Licensed Real Estate Broker PA- U S Spaces, Inc.
Real Estate Broker, CA Dept of Real Estate DRE#01507615
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0 votes Thank Flag Link Tue Apr 2, 2013
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