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gentlespirit · Feb 7, 2012, 02:44 AM

I am 59 years old. My husband is 64 -- we both still work, won't retire for at least 7 to 10 years. We are 17 years into our 30 year mortgage on our home (at 5.6% Interest). My husband is dead set on refinancing (at 3.9%) because of a post card offer he received in the mail. I don't agree.. think we're too old to be refinancing and we are over-halfway through our mortgage so most of our payment is going toward principal. We only have 13 years to go on current mortgage. My husband and I keep getting into argument over refinancing... He says now, he'll forge my name if I won't sign. Can I take legal action against him if he does that?

ScottGem · Feb 7, 2012, 04:37 AM

You can have him charged with forgery and possibly placed in jail. But I don't see grounds for a suit.

I also think he is right on the refi. Under certain conditions. First that the refi is for no more than 15 years. Second that he run the numbers carefully. Since you have 13 years left adding 2 more years will not be too onerous and you can deal with that by making extra principal payments. But that's a significant reduction in interest rate. You may be able to continue paying the same amount you are paying now or even less and stiill be paying down the principal faster.

There are amortization calculators all over the WEB. Or, if you have Excel, you can download a template. Then you can run the numbers and see how it will work out.

cdad · Feb 7, 2012, 05:01 AM

When creating loan documents there has to be a notary present. He won't be able to forge your name. They have changed things since 17 years ago.

AK lawyer · Feb 7, 2012, 06:08 AM

Originally Posted by califdadof3

When creating loan documents there has to be a notary present. He wont be able to forge your name. They have changed things since 17 years ago.

They didn't have notaries 17 years ago?

smoothy · Feb 7, 2012, 06:26 AM

Originally Posted by AK lawyer

They didn't have notaries 17 years ago?

They sure did.. (yes I know you knew that) I have a Notary seal embosser that belonged to my Uncle that died back in the 1950's before I was born that I was named after.

Used it in all of my personal books to emboss my name.

Fr_Chuck · Feb 7, 2012, 07:28 AM

Agree, first though he may not be totally wrong, and it would not hurt to talk to your current lender or your local bank or credit union.

What you want to figure is from this point on on old loan how much is the total of all payments you will make in the next 13 years.

With the new refi, you can look at a 15 year refi or even a 10 or 12 year refi. With that at a 2 percent or more lower interest you may well pay less over the life of that loan. But you need to add any points or other refi charges. Not just the payment.

A refi does not mean it has to be 30 years it can be other times.

So prove a point, have it researched, you may or may not be right, and he may or may not be right. Honestly without all the details investigated you may be wrong or he may be.
So why not get all the facts and put in in black and white.

As for a threat to forge your name, put him on the couch for a few nights for that bull.

gentlespirit · Feb 7, 2012, 11:26 AM

FR Chuck / Scott Gen thanks for the insight... neither of us really understands amortatization, interest, etc. I do know that we could refi for 15-10 yrs, but hubby is convinced it'll save him @ $200/month. Both of us were hosptialized during years and we've had some financial setbacks so our credit is not good at this time. I think that'll also have some bearing on what APR we'll end up with if we re-fi. And of course the other extra fees -- which I think will eat up the $200 he thinks he'll be raking in. I appreciate your input and will take your advice in talking to our current mtg co. and locating an amortization calculator. So now that I know that it's not an altogether unreasonalbe thing to do... it's at least worth looking into. He's out of the dog house... LOL... thanks to you.

Callidadof -- I told him that, he says he'll find someone to go with him. I told him I'll have him and her arrested. He's serious and I am serious if he follows through. But in the meantime, I will at least do some more research before I make my final decision. Thank you.

Smoothie / AK Lawyer thanks for your input too

ScottGem · Feb 7, 2012, 01:37 PM

I refinance about 10 years ago. At the time I had an adjustable rate with 15.5 years left. I got a 15 year at a fixed rate so I cut 6 months off my loan. I also reduced my payments by almost $100/mth. This included folding all the costs into principal so I had nothing out of pocket.

So it is certainly possible that you could realize significant savings either on your monthly payment or the total of payments or both.

cdad · Feb 7, 2012, 03:40 PM

Originally Posted by AK lawyer

They didn't have notaries 17 years ago?

They had them. But the rules were a lot looser back then compared to how they are now. With homeland security involved the process has been taken to another level.

smoothy · Feb 8, 2012, 08:45 AM

Usually a drop of a full point in the rate will yield enough savings to pay for the refinance AND still net you savings every month. They can run the rumbers for you fairly easily and show you what they will be with various terms and rates.

I did a refinance that dropped my rate almost a point, and cut my term almost in half and it only bumped my cost upwards by $135 a month... with significant long term savings.

Most banks will run the numbers for you at no cost (they will only be rough but should put you at ease)