Posted on: 16th Jul, 2010 05:50 am
we currently owe $50,000.00 on a 25 year mortgage (5.75%) that we have 18 years of payments remaining. we can refinance for 15 years at 3.75% and save $10.00 a month when we reduce the term. we have over $150,000 equity in the home and plan on staying here a long time. should we refinance to 15? i've even been thinking about going for 30 at a slightly higher rate and taking all the savings and applying to the principal. i'm confused on which way to go...or just stay where we are at.
Hi deerkimmer,
In my opinion, it would be a good option to refinance your home loan with a 15 year mortgage. If you could afford the payment, it'll help you in paying off the mortgage dues sooner and thus, you would be able to own the property free and clear.
Thanks
In my opinion, it would be a good option to refinance your home loan with a 15 year mortgage. If you could afford the payment, it'll help you in paying off the mortgage dues sooner and thus, you would be able to own the property free and clear.
Thanks