I just re-fied my mortgage last week from 4.75% to 3.625%. Saves me $105 on my minimum payment.
Anybody paying ahead on their mortgage? Have a plan to pay it off early? What is it? I have a plan where I increase my monthly payment by $50/year. Seems to be working great so far. My goal is to be mortgage-free by the time my daughter enters college (2028, 19 years from origination).
Home values seem to be sinking again. Checked zillow yesterday and from december to january my house value dropped 3.5%, and has dropped 8.3% from its 2011 peak.
If you have a fixed mortgage at those low rates, you are CRAZY for wanting to pay it off early.
You are paying an effective interest rate of less than 3% (given the tax dedictibility of the interest)
You would be much better served to take the additional amount that you would pay and invest it. Over a 20 year period, the market will return much more than a 3% return.
Jsut a thought.