Posted on: 04th Sep, 2011 09:49 am
We owe little over $100,000 in our 15 year mortgage, our interest rate is 5.625% and our monthly payment is $2004.76 with $1169.00 towards principal and $470 in interest beside the escrow at $357.00
I'm wondering if it's worth to find a lower interest rate than 5.625 , but continue paying the same monthly amount as now, to pay-off loan faster?
I'm wondering if it's worth to find a lower interest rate than 5.625 , but continue paying the same monthly amount as now, to pay-off loan faster?
welcome tony,
if you have equity in your property, then you can contact your lender and apply for a refinance in order to get a lower interest rate. you will get a payment plan depending upon the term and interest rate of the loan. if you wish, you can pay extra toward the principal balance in order to pay off the loan faster.
if you have equity in your property, then you can contact your lender and apply for a refinance in order to get a lower interest rate. you will get a payment plan depending upon the term and interest rate of the loan. if you wish, you can pay extra toward the principal balance in order to pay off the loan faster.
I consider, that you are not right. I am assured. Write to me in PM, we will discuss.
If you can save money by doing the refinance, then you will spend less in interest over the life of the loan. Maybe go to a 10 yr fixed with a rate in the 3's of 4's, and pay more each month. If you make 1 extra payment on a 30yr loan, you will payoff in 5 yrs sooner. So if you make an extra payment a year, pay more each month, do bi weekly payments, you can have this paid off asap...Good Luck
