Posted on: 12th Aug, 2010 05:28 am
I am 9 yrs into a 30 at 5.2 fixed. I can refi at 4.0 for 15 yrs and my outgo increases by 100.00 per month. I will not be in this house for 15 more years--probably 6 yrs. and I have equity now...bought for 330k, owe 179k.
Should I just take it back out to 30 and make some extra payments in the coming years. I hate starting the amort. again with high interest! could use the easing up of cash flow but not required. What makes sense?
Should I just take it back out to 30 and make some extra payments in the coming years. I hate starting the amort. again with high interest! could use the easing up of cash flow but not required. What makes sense?
" I will not be in this house for 15 more years--probably 6 yrs"
Decision about this issue should be taken on the basis of..........
whether you are looking this property for your own residential purpose or looking it as a investment property.
If you are considering to opt out after 6 years and planning to purchase a new home instead then I will surely advice you that you better go ahead with 15 yrs plan.
Because once you purchase a new home after 6 yrs you will be liable to pay both mortgages and it could be difficult to pay both of them.
If you have staying arrangements other than this home (entirely owned property without mortgage) then you should consider continuing with 30 yrs plan.
DIPA
Decision about this issue should be taken on the basis of..........
whether you are looking this property for your own residential purpose or looking it as a investment property.
If you are considering to opt out after 6 years and planning to purchase a new home instead then I will surely advice you that you better go ahead with 15 yrs plan.
Because once you purchase a new home after 6 yrs you will be liable to pay both mortgages and it could be difficult to pay both of them.
If you have staying arrangements other than this home (entirely owned property without mortgage) then you should consider continuing with 30 yrs plan.
DIPA