Colli Real Estate

Mortage scam or not?

I recently got a postcard from a local mortgage lender / broker who listed some really great loans programs from FHA. ( My first home loan was an FHA and it worked well for me. )

Unless you are currently paying like 8.5-9% on your current mortgage, you should stick with your current mortgage. You should only refi if you will be saving 2-3 percent. and then only for 15 years max.

Do the math: if you figure what you are paying per month X12 months X 15 years, I am willing to bet that you will pay a lot less than what the new payment X12 X 30. Even with the little extra 15K, you will be surprised.

Why dont you “pretend” that you took out the bigger mortgage. Pay that little extra per month into a savings account, and DO NOT TOUCH IT! – except for an emergency. Soon you will have a nice savings and can start filling in the debt sinkhole!

Stop borrowing money, and look into a Financial Peace University class near you! (Dave ramsey website has listings)

Good luck!

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