Refinance

[RD]

My email spam is full of ads for the home market to refinance their loans.Has anybody taken advantage of this new money market to refinance their boats.I have a 10% loan that I would like to rework and reduce the paymentsRD

 

[Bryce Grefe]

refi

RD,Did mine in January of 02. Probably a bit early given todays rates. Basically a no brainer. Dropped 1 1/4% in interest rate and lender paid for survey and doc costs. Save a little over $100/month in interest payment with no cost to me. I'm in the owners directory if you want more info. Bryce S/V spellbinderH410

 

[Peggie Hall/Head Mistress]

Instead of refinancing, try this

Most lenders would rather do what it takes to keep your business than let it slip away to another lender who's offering lower rates. Find out what the current prevailing rate is, and then ask your current lender to match it if he wants to keep your business. Odds are 99% that he will unless you've been late with payments or your credit report is shaky (in which case, you prob'ly couldn't refinance--at least not at any better rate--anywhere else either).The loan isn't re-written...the only change will be the rate at which the balance of your loan is charged, resulting in either lower payments from now on...or, if you're smart, you'll continue making the same payment amount, applying the difference to the principle, paying off your boat several years faster.

 

[Rick Webb]

Did Mine

Went with a shorter term and the same payment.

 

[John Richard]

BoatUS did our refi

We went from 8.5% to 6.75% saving almost $200 a month. Their cost was $350. We applied over the I/Net and received great service. The whole deal went through very quickly.John Richards/v Jack's Place

 

[Ed Ruiz]

I did mine as a home equity loan.

This may only work if you have more equity in your home than the amount you owe on it. We did, and were able to get a home equity loan at 5% with no points and no closing costs. Also, the interest is still tax dedutable. The only downside is that we must keep the equity loan open for at least 36 months or we'll have to pay the closing costs that were paid by the bank.~ Happy sails to you ~ _/) ~