Posted on: 13th Oct, 2010 10:21 pm
we plan to retire in approx 1 year, altho husband did begin collecting socsec 4 yrs ago and has worked pt time. we did 15 yr 5.5% condo refi to be paid off nov 2017, but now worry that we won't be able to continue the 15 yr loan pmt once we're fully retired. loan bal is approx 130k and the condos here have held value, approx 400k. should we refinance now to secure the lower pmt while we have two salaries (plus ss plus some pension), or continue to pay down the 15 yr loan for another year and then refinance the reduced princ amt (120k?) as a 20 or 30 yr loan? question is, could it be more difficult to obtain new loan once retired? credit is good.
Refinance while you have the ability to.