we re-fied our house today...

[dysfunctional press]

well- got the process started, anyway. they said it would take about 30 days to complete. we're taking 10K out to pay off our remaining bills, and by changing from a 15-year fixed to a 30-year fixed, we'll save $400/month- which is the main objective.
i realize that we're resetting the clock by going from a 15-year loan that we were two years into to a brand new 30-year stretch- but we're also going to sign up for the plan where you pay half a payment every two weeks, rather than 1 every month- by doing so you make an extra payment against the principle every year, and pay off the loan in 22 years instead of 30, and save A LOT of interest. :woohoo:
my mood got incredibly better after i got off the phone with the mortgage guy.

[960]

1. Congratulations! Sounds wonderful.

:party: :toast:

We're looking at a refi too. Can get a better rate than we have.

I think I'm going to go with your bi-weekly payment plan. Was deciding between saving 300 a month and staying with a 30 or going up 300 a month but cutting term to 15 years.
The way you did it sounds the best for monthly cash flow and long term cost.

[LeftyMom]

2. The other thing you can do is monthly payments but make an extra payment with your tax refund.

In the end it's effectively the same thing.

My Dad paid off his house a decade early by doing that and rounding up every month.

[yellowdogintexas]

3. be sure you designate that extra payment to go strictly to principal. Does more

good. We do the biweekly payment plan and also have extra $75 a payment going to principal. Our loan is going to pay off in 20 years as a result and we have already been in the house 10.

[MorningGlow]

4. Cool! I want to re-fi ours, too

but Mr. MG says we don't have enough equity. Does that even matter? I just want to take advantage of the lower loan rate--we have a 30-year mortgage (just three years into it) and would do another 30-year.