Posted on: 06th Aug, 2010 07:05 pm
i have a 15 year mortgage at 3.75% and a revolving credit line on my home at currently 2.99%..combined for a $1000 payment..at current rates and to refinance the $87,000 for 30 years i think i stand to cut my payment by $500+. my wife thinks that all the money we paid during the 5 years of the 15 year mortgage would be wasted?
I can see your wife's point. In that case, you may want to consider a 10 year loan term. This would allow to you consolidate your debt and obtain a mortgage at a reason interest rate. It's worth looking into the 10 year term payment's versus a 15 year, than decided if you can afford making the paymet.