Posted on: 17th May, 2010 12:56 pm
Re-Fi existing 30 year @ 5.99 with 24 years left, to 15 or 20 yr @4.5%? Or continue to pay extra per momth?
My wife & I owe $290K on our primary (only) residence worth about 400K in good neighborhood West of Boston. We have 24 years left on 30 yrs at $1916/mo at 5.99% note. We're both working steady jobs with good incomes. We're 50-51 yrs old and would like home paid off within 15 years when we're close to retire. We could re-fi to a 15yr @ 4.5% (guessing). Or we could keep paying down principal on existing loan.
My wife doesn't want to start a whole new loan, going back to paying all interest, but I think it will be worth it by 15 years, esp if we can re-fi below 5%.
Is it a no-brainer to re-fi our existing 30 yr 5.99 down to 15 or 20 yr fixed at 4.5 if we plan to stay here until we retire, approx 15 years from now?
Thanks!
Rick
My wife & I owe $290K on our primary (only) residence worth about 400K in good neighborhood West of Boston. We have 24 years left on 30 yrs at $1916/mo at 5.99% note. We're both working steady jobs with good incomes. We're 50-51 yrs old and would like home paid off within 15 years when we're close to retire. We could re-fi to a 15yr @ 4.5% (guessing). Or we could keep paying down principal on existing loan.
My wife doesn't want to start a whole new loan, going back to paying all interest, but I think it will be worth it by 15 years, esp if we can re-fi below 5%.
Is it a no-brainer to re-fi our existing 30 yr 5.99 down to 15 or 20 yr fixed at 4.5 if we plan to stay here until we retire, approx 15 years from now?
Thanks!
Rick
hi rickbreen!
welcome to forums!
it would be a good option to refinance the the loan in order to get a low interest rate and pay off the mortgage dues within 15 years. however, you should have equity in the property in order to get a refinance. moreover, you should remember that refinancing the loan will only make sense if you plan to stay in the property for quite a long period of time.
feel free to ask if you've further queries.
susssane
welcome to forums!
it would be a good option to refinance the the loan in order to get a low interest rate and pay off the mortgage dues within 15 years. however, you should have equity in the property in order to get a refinance. moreover, you should remember that refinancing the loan will only make sense if you plan to stay in the property for quite a long period of time.
feel free to ask if you've further queries.
susssane