Posted on: 06th Nov, 2010 11:34 pm
we are 7 years into a 30 yr mortgage, the principle on the loan is 270,000. our current payment is $2200 per month with tax insurance included. every month i add $300 to the principle for a payment of $2500.
would it be worth my while to refinance to a 15 year mortgage with a rate in the upper 3's or keep on adding to the principle as i already am. i think we will pay it off faster this way than refinancing - my husband thinks otherwise. i would rather put the 3k closing costs for a 15yr mortgage towards our current principle.
would it be worth my while to refinance to a 15 year mortgage with a rate in the upper 3's or keep on adding to the principle as i already am. i think we will pay it off faster this way than refinancing - my husband thinks otherwise. i would rather put the 3k closing costs for a 15yr mortgage towards our current principle.
Welcome symadonovan,
If you're planning to stay in the property for a longer period of time, then it is a good option to refinance the mortgage at a lower rate and for a shorter time period. You will be able to offset your closing costs if you stay in the property for a longer period of time.
If you're planning to stay in the property for a longer period of time, then it is a good option to refinance the mortgage at a lower rate and for a shorter time period. You will be able to offset your closing costs if you stay in the property for a longer period of time.
this depends on what kind of rate that you currently have on your mortgage.
But in general, it is worthwhile if you plan to stay in the home for 5+ yrs
But in general, it is worthwhile if you plan to stay in the home for 5+ yrs