On 1/5/06, Deanna Schneider <[EMAIL PROTECTED]> wrote: > I'd go with fixed, and no points. I'd also ask around locally (meaning where > you're buying) to see if anyone can recommend a good local bank that does > mortgages. For my first loan, I went with WHEDA. But, when I refinanced, I > found a little out-of-the-way small town bank that never sells their loans, > doesn't require escrowing for taxes, and beat everyone else on fees and > closing costs by a lot.
++ Deanna recommended her little local bank to me and we refinanced with no points and with very little in fees to a great rate (back when rates were around 5%). One of the reason's they're cheaper is that they're in a different, less populous county with cheaper tax rates and such. > Kevin will tell you that whatever you do, set up your payments to be every > two weeks, as you'll end up with more going towards principal and paying > down the loan faster. Well the biweekly is nice because you get that little extra bit of half a month of interest paid down. But with the new bank they didn't want to do it but one extra payment a year is about the same result. We actually pay a bit over our minimum each month, plus send in an extra full payment every six months. We started with a 30 year, refinanced to 20, and now we're like 12 years ahead of where we started. In just 4 years in the house. When we eventually sell, there will be so much gravy that we'll be able to start a gravy restaurant. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Message: http://www.houseoffusion.com/lists.cfm/link=i:5:190633 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/5 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:5 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
