We purchased in October of last year, and currently we are paying on a fixed-rate mortgage.
Currently we are paying 5.45% and their lowest advertised rate is 2.25%. After running the numbers we've figured out that the payout penalty is about $20,400 give or take $1500 to re-finance Clearly this is an illogical choice, and doesn't benefit us.
Can someone recommend how else we can make the best of our high fixed interest rate? We've maximized our payment ability at the moment, plus we've recently changed to weekly accelerated payments from bi-weekly.
Beginning next year, we have intentions to start putting down 5K per year in lump payment(s), plus we want to increase our (principal) payments by the maximum allowed, which is 15% once a year.
Is there anything else we can be doing?
Currently we are paying 5.45% and their lowest advertised rate is 2.25%. After running the numbers we've figured out that the payout penalty is about $20,400 give or take $1500 to re-finance Clearly this is an illogical choice, and doesn't benefit us.
Can someone recommend how else we can make the best of our high fixed interest rate? We've maximized our payment ability at the moment, plus we've recently changed to weekly accelerated payments from bi-weekly.
Beginning next year, we have intentions to start putting down 5K per year in lump payment(s), plus we want to increase our (principal) payments by the maximum allowed, which is 15% once a year.
Is there anything else we can be doing?