Posted on: 29th Jun, 2011 08:20 pm
should i refinance mortgage that is only .5% reduction, but would shorten the loan to 10 years instead of the current 14 years remaining. we are staying in our home. it would increase our payment.
Hi kateneedshelp!
Welcome to forums!
It is recommended that you should refinance the loan only if you get an interest rate which is lower by 2% from your existing interest rate. However, if you want to shave off the years from your loan and will be staying in the property for the 3-4 years, then you can refinance the existing mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is recommended that you should refinance the loan only if you get an interest rate which is lower by 2% from your existing interest rate. However, if you want to shave off the years from your loan and will be staying in the property for the 3-4 years, then you can refinance the existing mortgage.
Feel free to ask if you've further queries.
Sussane