Comments on: I want to know if I should restructure my housing loan from 15 to 5 years? http://reversemortgage.info-junction.net/i-want-to-know-if-i-should-restructure-my-housing-loan-from-15-to-5-years/ What is Reverse Mortgage, How does reverse mortgage work, Advantages & Disadvantages of reverse mortgage. Mon, 30 Jan 2012 01:01:00 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: slguldi http://reversemortgage.info-junction.net/i-want-to-know-if-i-should-restructure-my-housing-loan-from-15-to-5-years/comment-page-1/#comment-15453 slguldi Sun, 07 Feb 2010 12:46:34 +0000 http://reversemortgage.info-junction.net/i-want-to-know-if-i-should-restructure-my-housing-loan-from-15-to-5-years/#comment-15453 I would suggest staying with the 15 yr note, and just pay it as though you have a 5 year note (making sure the extra amount every month is applied to principal). That way if you have an emergency and need the money for it, you have the option of making the smaller payment for that month. I am a big fan of having a safety net and that is why I finance the longest time possible and then pay it off as quick as possible. If we so chose we could not pay a car payment for 2 years... It just leaves more options should an emergency arise. I would suggest staying with the 15 yr note, and just pay it as though you have a 5 year note (making sure the extra amount every month is applied to principal). That way if you have an emergency and need the money for it, you have the option of making the smaller payment for that month. I am a big fan of having a safety net and that is why I finance the longest time possible and then pay it off as quick as possible. If we so chose we could not pay a car payment for 2 years… It just leaves more options should an emergency arise.

]]> By: Joan J http://reversemortgage.info-junction.net/i-want-to-know-if-i-should-restructure-my-housing-loan-from-15-to-5-years/comment-page-1/#comment-15452 Joan J Fri, 05 Feb 2010 04:59:41 +0000 http://reversemortgage.info-junction.net/i-want-to-know-if-i-should-restructure-my-housing-loan-from-15-to-5-years/#comment-15452 It will be to your advantage to apply for the 5 year loan but you may find your year-end deduction for income tax purposes will be less. You'll need to decide between the two evils. It will be to your advantage to apply for the 5 year loan but you may find your year-end deduction for income tax purposes will be less. You’ll need to decide between the two evils.

]]> By: John K http://reversemortgage.info-junction.net/i-want-to-know-if-i-should-restructure-my-housing-loan-from-15-to-5-years/comment-page-1/#comment-15451 John K Wed, 03 Feb 2010 19:27:24 +0000 http://reversemortgage.info-junction.net/i-want-to-know-if-i-should-restructure-my-housing-loan-from-15-to-5-years/#comment-15451 if you have a low interest rate (which if you got a loan 3 years ago, you probably do) shop around rates. The market has changed over the past year and rates (in most cases) have risen. Typical advice for a loan with a decent rate is to stay put. You can always pay extra every month towards your principal and avoid the extra interest and reduce the years of payments. if you have a low interest rate (which if you got a loan 3 years ago, you probably do) shop around rates. The market has changed over the past year and rates (in most cases) have risen.

Typical advice for a loan with a decent rate is to stay put. You can always pay extra every month towards your principal and avoid the extra interest and reduce the years of payments.

]]> By: Joe http://reversemortgage.info-junction.net/i-want-to-know-if-i-should-restructure-my-housing-loan-from-15-to-5-years/comment-page-1/#comment-15450 Joe Tue, 02 Feb 2010 11:36:23 +0000 http://reversemortgage.info-junction.net/i-want-to-know-if-i-should-restructure-my-housing-loan-from-15-to-5-years/#comment-15450 Restructuring only makes sense if you get a much better interest rate and save significant money after any fees. Chances are your best bet is to make extra payments and stick with the 15 year loan. Restructuring only makes sense if you get a much better interest rate and save significant money after any fees. Chances are your best bet is to make extra payments and stick with the 15 year loan.

]]> By: SG Elite http://reversemortgage.info-junction.net/i-want-to-know-if-i-should-restructure-my-housing-loan-from-15-to-5-years/comment-page-1/#comment-15449 SG Elite Mon, 01 Feb 2010 13:08:42 +0000 http://reversemortgage.info-junction.net/i-want-to-know-if-i-should-restructure-my-housing-loan-from-15-to-5-years/#comment-15449 Ideally is to pay up as much of the principal amount as you possible can to cut down on the interest. Ideally is to pay up as much of the principal amount as you possible can to cut down on the interest.

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