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dooleysm · 01-14-2009, 11:15 AM

I saw a 3/1 ARM at the local credit union a couple weeks ago for 3.875%. We're at the point in our mortgage where most of the interest is paid off. I ran the numbers and even that 3.875 would only save us about $1600 vs. our current 5.75. Most, if not all, of that would get eaten up with closing costs.

If I didn't have 2 young kids with another on the way and my wife quitting her job in May I'd be out buying rental properties. I've been trying to talk myself into it, but I just can't bring myself to pull the trigger.

01-14-2009, 11:15 AM	#5 (permalink)
dooleysm Platinum Member Join Date: Mar 2005 Location: Southern Indiana Posts: 785	Re: Interest Rates/Refinance I saw a 3/1 ARM at the local credit union a couple weeks ago for 3.875%. We're at the point in our mortgage where most of the interest is paid off. I ran the numbers and even that 3.875 would only save us about $1600 vs. our current 5.75. Most, if not all, of that would get eaten up with closing costs. If I didn't have 2 young kids with another on the way and my wife quitting her job in May I'd be out buying rental properties. I've been trying to talk myself into it, but I just can't bring myself to pull the trigger. __________________ -------------------------------- shawn