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    Oneill474's Avatar
    Oneill474 Posts: 427, Reputation: 2
    Full Member
    		  
    #1

    Mar 5, 2009, 04:34 PM
    Mortgage pay off
    Insteed of refinancing a 10.5% mortgage on $40,000. Suppose you just took
    Out a loan at 5% or anything below the 10.5% and paid off the mortgage
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
    		  
    #2

    Mar 6, 2009, 01:36 PM

    Taking out a loan at 5% or anything below the 10.5% and paying off the mortgage on $40,000 is the definition of 'refinancing'. Your concern may the costs of getting this new loan, or 'closing costs', points, fees associated with the new loan, etc.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Mar 6, 2009, 01:37 PM

    If its not a mortgage, you lose the tax benefits.
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