Interest rate vs APR

[sawbonz]

Someone please explain to me how to use these to decide if refinancing is worthwhile. I want to refi from 30 yr fixed to 15, but in reality will pay the note off either way in 3 to 5 years if all goes well.

Thanks

 

[ninerhorn]

the finance charge is the cost of consumer credit as a dollar amount. It includes any charge payable directly or indirectly by the consumer and imposed directly or indirecty by the creditor as an incident to or a condition of the extension of credit. It does not include any charge of a type payable in a comparable cash transaction.


Bonz,

I am a mortgage broker. If you want to email me I would be happy to run the numbers and let you know if it makes sense. I have worked with many here and on Orangebloods.com.

[email protected]

good luck

 

[sawbonz]

Thanks niner. email sent