Another option....
I originally bought my house in 1998, and I did what they call a "Smart Option" loan. I had to ask about it as my local Credit Union was not advertising it.
I make half a mortgage payment every 2 weeks instead of a full payment every month, and it turned my 30 year into a 23 year 5 month mortgage.
Saving 6 1/2 years is alot of money.
After rates went down, I re-financed through the same Credit Union, dropped my rate almost 2 pts, went with a 15 yr. Mortgage, and it is only going to take about 12 yrs from that point till I hold the Paper.
Just food for thought.
I originally bought my house in 1998, and I did what they call a "Smart Option" loan. I had to ask about it as my local Credit Union was not advertising it.
I make half a mortgage payment every 2 weeks instead of a full payment every month, and it turned my 30 year into a 23 year 5 month mortgage.
Saving 6 1/2 years is alot of money.
After rates went down, I re-financed through the same Credit Union, dropped my rate almost 2 pts, went with a 15 yr. Mortgage, and it is only going to take about 12 yrs from that point till I hold the Paper.
Just food for thought.
