Originally Posted by gurneyeagle From Boy Scout experience, I drank water (and pee'd) all day! If you aren't peeing at least once an hour, you aren't taking in enough fluids.
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06-24-2013, 06:25 PM | #5011 (permalink) | |
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06-24-2013, 06:41 PM | #5012 (permalink) | |||
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My goal when I refinance is to either significantly lower my monthly payments with no increase in remaining years on the loan or significantly decrease the remaining years on the loan with very little or no increase in my monthly payment.
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06-24-2013, 06:51 PM | #5013 (permalink) | |
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06-24-2013, 06:55 PM | #5015 (permalink) | |
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yes...
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06-24-2013, 06:59 PM | #5016 (permalink) |
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06-24-2013, 07:00 PM | #5017 (permalink) | |
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The way I see it Pint..
is if you refinance, and you get a lower payment, continue to make the same size payment you were already making.. it will pay the loan off faster
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06-24-2013, 07:01 PM | #5018 (permalink) |
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O's are on!
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06-24-2013, 07:04 PM | #5019 (permalink) | ||
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even if you increase the term of the loan, and drop your payment, if you continue to make the same sized payment, more will go towards principal and you will pay the loan off faster
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06-24-2013, 07:08 PM | #5020 (permalink) |
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That's what I planned on doing. My payment will only be $15 lower per month but I also get gap insurance which I didn't have through nmac. Also, I'm trying to build up credit worthiness with this credit union in hopes of a future house loan from them.
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06-24-2013, 07:10 PM | #5021 (permalink) |
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06-24-2013, 07:13 PM | #5022 (permalink) | |
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Then I would definitely do it, but I would also arrange for the loan to stay at the same payment amount. Then you end up paying it down even quicker and you won't notice the change because the payments are the same.
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06-24-2013, 07:15 PM | #5023 (permalink) | |
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I guess I was speaking more about home loans. Auto loans are so much shorter and don't have the same impact. Regardless, if you increase the loan, you better do some calculations to make sure of the numbers. It's not uncommon for your refi to wind up with almost identical total payment over the life of the loan. However, this isn't necessarily bad if you need some temporary relief in your payments, and are willing to accept a longer loan term in exchange.
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06-24-2013, 07:22 PM | #5024 (permalink) | |
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FWIW, there aren't any credit unions in this region that I would feel comfortable using for a mortgage loan. Our mortgage broker is a family friend, and she is awesome. She also works for Colonial National Mortgage which is one of the largest firms and one of the few that is not publicly traded and does not bow to the corporate whims of Wall Street.
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06-24-2013, 07:31 PM | #5025 (permalink) | |
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mornin fawkers
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