Posted on: 26th Oct, 2009 08:20 am
my current mortgage 180000,30 years fixed rate,6,5 interest rate,i bought that house about 2 yrs.now i want to refinance,15 or 20 years fixed rate,4,5 interest rate.my plan,i only stay in this house about 6 more years,i will sell,when i reach to retirement age.i am 60 years old now.should i do for the best way?thanks for your time.
You will not get a 4.50% rate for a 20 year fixed rate mortgage. You could get around that rate for 15 year fixed.
The payments for a 15 year fixed mortgage will be higher. As long as you qualify, go ahead, it is a good thing to do.
The payments for a 15 year fixed mortgage will be higher. As long as you qualify, go ahead, it is a good thing to do.
It depends on what you're planning to do after you sell your house in 6 years, and how well you've done to date preparing for your retirement.
To me, personally, without knowing much about you - I'd consider an interest only mortgage if I was going to let it go after 6 years. And put anything extra into a retirement program.
To me, personally, without knowing much about you - I'd consider an interest only mortgage if I was going to let it go after 6 years. And put anything extra into a retirement program.
