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dancerjodiOur Mortgage Broker rocks my world (thanks Jess!). The COSI loan http://www.mrates.com/cosi2.htm not only would save us a lot of money over the life of the loan (estimated at around $86k) but will save us a lot of money per month right now if I'm understanding this right (a few hundred or so).
Payments are smaller in the earlier part of the loan and get bigger as the loan progresses (and are paid bi-weekly rather than 1x a month). Even the largest monthly payments are smaller than what we're paying now. After 8 years the rate would be variable, but would vary based on however CD and savings account interest at the bank is varying (which historically hasn't been much).
Why is it that everybody doesn't do this? Its such an awesome concept!
Anyway, I have a commitment letter in hand (yay) so now we can focus on selling stuff, packing, and working out moving arrangements. Whee!
Payments are smaller in the earlier part of the loan and get bigger as the loan progresses (and are paid bi-weekly rather than 1x a month). Even the largest monthly payments are smaller than what we're paying now. After 8 years the rate would be variable, but would vary based on however CD and savings account interest at the bank is varying (which historically hasn't been much).
Why is it that everybody doesn't do this? Its such an awesome concept!
Anyway, I have a commitment letter in hand (yay) so now we can focus on selling stuff, packing, and working out moving arrangements. Whee!
