Does anyone watch Clark Howard on CNN? Mortgage question...

[Pennstater]

He's a financial guru. He was saying some credit unions are offering a mortgage for 6 or 7 years, one for ppl almost done paying, for something around 3.xx % no closing costs/fees.

I'm non a member of a credit union, but have searched around.

I cannot find such a thing.

If you are a member of one, does yours offer this?

[Dengineer]

I don't watch Clark Howard, nor do I currently belong to a credit union, but I hit the trusty search engine and found this--

Current Mortgage and Home Equity Rates | Workers Credit Union | Fitchburg MA

Workers' Finish Line Refi—pay off your mortgage before you retire. The Finish Line Refi has a 7-year term at 3.99% APR and a 12-year term at 4.49% APR with no closing costs and only a $350 non-refundable application fee! Now you CAN finish that mortgage before you retire!

[wookin]

I listen to Clark on the radio when I'm in the car. He has a daily program in the afternoons on talk radio. He has great advice and has saved us tons.

Don't know about a 6-7 yr loan but I can tell you that we just did a re-fi and got 3.675% down from 5.75. Had to get a 10 yr loan and there was closing costs. We got ours at a credit union. Wish I could have gotten no closing costs but we can pay it off early with no penalties so plan to chunk it away monthly.

[Pennstater]

thanks for your ideas, I cannot seem to find a credit union we are eligible to join to find a good rate. What if we just pay extra each month, and pay it off quicker? Is there some type of online calculator to see if this would work just as good as refi with a lower rate?

[wookin]

I say google it to see which one works best for you. There are several online

[buddysmom]

Call or stop by any credit unions that might be near you. They may have obscure ways that you could be a member.
I worked in the school cafeteria and was a member of a Teachers' credit union. By no means was I a teacher, but I did work for the school district. It can't hurt to ask.

[CW&M Mom]

When we lived in Kansas City burbs there were credit unions eveywhere..and most of them had really no requirements to become a member other than opening an account with them. We got a great deal for our mortgage through one.

Now where I live now in Rural Kansas..I don't consider them as good...but the banks are crappy out here as well.

As for can I just pay extra. Absolutely but you just need to make sure your putting the money towards the principal not the interest. Usually there is a way on your bill that you can do that. There are also 15 year loans as well...but if I recall right..doing the numbers... your better off doing the 30 and then paying it like it's a 15 interest wise.