Posted on: 27th Aug, 2010 04:15 pm
i'm in a money crunch. i currently have a balance of $72k on my 15-year mortgage with approx. 13 years left. the home is valued at $145k.
is it a bad idea to refinance the home to a 30-year mortgage in order to save money on the monthly payment?
is it a bad idea to refinance the home to a 30-year mortgage in order to save money on the monthly payment?
Hi wgtigers!
Welcome to forums!
You've only 13 years left on your present mortgage. If you take out a 30 year mortgage now, it will take quite a long time for you to pay off the dues and own your house free and clear. As you've equity in your property, you might consider to refinance it and get a 15 year loan. With the rates going low, you will be able to save money and pay off your mortgage in an affordable manner.
Feel free to as if you've further queries.
Sussane
Welcome to forums!
You've only 13 years left on your present mortgage. If you take out a 30 year mortgage now, it will take quite a long time for you to pay off the dues and own your house free and clear. As you've equity in your property, you might consider to refinance it and get a 15 year loan. With the rates going low, you will be able to save money and pay off your mortgage in an affordable manner.
Feel free to as if you've further queries.
Sussane