Which credit union?
04-17-2006, 01:28 PM
#16
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Originally Posted by BAN SUVS
I say again... if his number opf payments stays the same, and his payment goes down... where is he losing money?
04-17-2006, 01:59 PM
#17
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So you're saying that (X*Y)<(X*A) when A<Y? Nice math there buddy. Now, I understand how amortization works; yes, the percentage of his payment that is interest will increase when he refinances, but his actual out-the-door expense will *decrease* if he has the same number of payments on the same principal with a lower rate.
04-17-2006, 02:08 PM
#18
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now that I think about it.. I don't think he can get a loan for less payments with the same number of months left.
if anything it will be for less monthly payments but more months overall then what he has now
if anything it will be for less monthly payments but more months overall then what he has now
Last edited by Max Xevious; 04-17-2006 at 02:11 PM.
04-17-2006, 02:24 PM
#19
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so lets do this
how much was your loan first for ?
how long is left on your loan ?
whats your interest rate now ?
how long was the loan originaly for ?
I don't think you should refinance your loan now, you only have a bit more to go
how much was your loan first for ?
how long is left on your loan ?
whats your interest rate now ?
how long was the loan originaly for ?
I don't think you should refinance your loan now, you only have a bit more to go
04-17-2006, 02:28 PM
#20
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Originally Posted by maddhatteroo7
i actually owe 4600...i got it to 7.14% for the refi...i just wanted to start over with a credit union i wanted to go for when i get my sti loan and have some history with them
Ricky 7.14% is the best they would give you??? Banks like to see long history with a loan. When you apply for credit it lowers your score also takes a few months to come back up.
04-17-2006, 02:41 PM
#21
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Originally Posted by gilmore25
When you apply for credit it lowers your score also takes a few months to come back up.
04-17-2006, 06:22 PM
#23
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Yes, and "a few points" will not hurt you. If you have good credit, you can handle losing 3-5 points while you shop for your loan. If you have bad credit... you can still handle 3-5 points since it still won't affect your rate.
04-17-2006, 10:35 PM
#24
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Originally Posted by Mr. Xevious
so lets do this
how much was your loan first for ?
how long is left on your loan ?
whats your interest rate now ?
how long was the loan originaly for ?
I don't think you should refinance your loan now, you only have a bit more to go
how much was your loan first for ?
how long is left on your loan ?
whats your interest rate now ?
how long was the loan originaly for ?
I don't think you should refinance your loan now, you only have a bit more to go
how long is left on your loan ? 24mo
whats your interest rate now ? 8.95%
how long was the loan originaly for ? 36mo
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