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-- Our continuing weeklong series raped by nation exploiting the middle what the -- -- of -- lot of refinancing.
That we look at the the -- is a very foxbusiness.com.
Senior reporter Dunston -- gets refinances.
Biggest mistake you made them.
The biggest mistake I made was hesitating and getting my paperwork together.
When rates were at historic lows a month ago four point 95.
My wife and I were still wavering a little bit and we regret that now.
If you're anything considering doing this get the paperwork together I think we've got a full screen up there it's the standard stuff it's W twos.
It is a couple of recent pay stubs its bank statements get all that stuff together.
Get it to your broker so that broker will be ready to pull the trigger.
Wing you can get your lowest rate OK you can go to other places.
Broke her but that's one of the point did you go to your existing lender who had the mortgage.
The -- to -- we did not.
We went I went -- I did I trusted to broker I went straight through and and it's kind of a good story because the broker I use the reason I trusted this Fella.
Three years ago when all these teaser rates and although that the crazy gimmicky loans were out there.
I asked my -- this is when I bought my house three years ago.
And he steered me clear -- all that stuff he said you've got good credit.
Get yourself a thirty year standard mortgage you want to do with any of this stuff that.
Will come back to play to win a couple of years so when it came time to do this now the refinance -- went straight to the guy trusted.
Get someone you can trust asked around -- coworkers ask your friends who they've -- find someone you can trust.
How much it costs him what kind of -- -- get how long's it gonna take to make back off.
Absolutely something you should look at Hagan for me usually what they talk about -- 23 years if you can pay back.
The closing costs into and through -- it's pretty good coop its a pretty good deal I got a great deal.
My closing cost come to about 6300 dollars I'm going to be saving 400 a month.
So I'm gonna be paying that often about sixteen months which is really great -- -- can't complain about that went to close to five from that I did I went from six and a quarter down to five.
And if I had my paperwork together like I -- of I've gotten it even lower but I'm very happy with what I got and the notion of paying this fall.
That's something shorten -- term -- what did you buy eight what did you take out your -- 75 in cash and buy seven condos and up and down.
Well I probably could have -- -- -- guns then don't wanna take advantage of the -- regulator -- you -- exploit -- never go down in value you know that five years ago when all of that was going on something in the back of my -- told me he was a -- only.
It was crazy.
You know it was this money has to keep paying back.
So I never got involved and all that -- in the house is the ATM or anything like that and it's really paid off -- now why -- you lowered the term of the loan though because again when you breathe -- back to what party you it's your call of a live line can actually there's.
No he's a little personal decisions and they come into the personal strategy.
I've got two kids in in nursery school right now private nursery school we need all the money we can gets to sit -- Each month.
I would love to have a long term strategy -- I don't know how long we'll be in this house would be in the south ten years twenty years 25 years I'm not sure I do know that right now I can use that extra 400 a month.
That was the strategy we apply -- finally 400 what do you do it.
They are headed to send it -- -- I did assert that the global it we will absolutely spend it on Watergate.
On the tuition for my kids at their kindergarten we will spend it on -- new kitchen chairs that I need there you'll spend it on.
On you -- ultimately only eight -- a short vacation.
A not a -- Bradley beach I could go on and on and on.
You go by a lot about how we got a hard right stay with the New York City and David to Atlantic City.
Well from the Atlantic City to New York City -- have become the next.
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