Posted on: 07th Sep, 2010 05:32 pm
hi
we have 7 years left on a 15 year mortgage at 5.45%. our payment is $1858 and we have consistently been paying $2358. we can refinance for 15 years at 4%. does it make sense to make this move or should we just continue to pay down our principle?
one note of possible importance. i am 62 and will be retiring in a few short years.
thanks
we have 7 years left on a 15 year mortgage at 5.45%. our payment is $1858 and we have consistently been paying $2358. we can refinance for 15 years at 4%. does it make sense to make this move or should we just continue to pay down our principle?
one note of possible importance. i am 62 and will be retiring in a few short years.
thanks
Hi mikey,
You can refinance your mortgage but your loan term will increase. You've 7 years left to pay off your existing mortgage. If you refinance the loan, you will be paying it for the next 15 years. If that is fine with you, then you can go ahead with the deal.
Thanks
You can refinance your mortgage but your loan term will increase. You've 7 years left to pay off your existing mortgage. If you refinance the loan, you will be paying it for the next 15 years. If that is fine with you, then you can go ahead with the deal.
Thanks
There is no way to do an anlaysis and anwser your question without knowing the current mortgage balance.
