Posted on: 26th Aug, 2010 07:28 pm
I owe 81000.00 on my current mortgage, and am thinking of refinancing at 5.5% with no closing costs with a new 30 year mortgage. Is this a good idea since I will just be paying interest instead of paying much on the principle
hi bonnielewis,
you can go for a 30 year loan while you refinance the mortgage. if you plan to stay in the property for long period of time, it would be a good option to refinance the loan with a lower interest rate. however, paying the interest only is not a very good idea in my opinion. you should make contributions towards the principal amount as well.
you can go for a 30 year loan while you refinance the mortgage. if you plan to stay in the property for long period of time, it would be a good option to refinance the loan with a lower interest rate. however, paying the interest only is not a very good idea in my opinion. you should make contributions towards the principal amount as well.