Posted on: 19th Sep, 2010 09:52 am
I initially had a mortgage loan of $170,000 with a 20 year term at 6.875%
With the drop in real estate values in my area, I figure I'm flush between the 125,000 I owe and the 125,000 mortgage balance. EXCEPT for the fact that last year we invested and built a 50'x60'x18' garage. With concrete heated floor and two overhead doors to accomodate large trucks. (For a business when we are back on our feet.)
But, back to the basics. This house loan is paid in full at the end of 2021. About 11 years.
Would going off the limb and refinancing to a 15 year loan with a lower interest rate (under 6.875) benefit me, or should I just leave this all stand as it is? My husband will be 65 in the year the loan is paid off, so that is another factor to consider.
With the drop in real estate values in my area, I figure I'm flush between the 125,000 I owe and the 125,000 mortgage balance. EXCEPT for the fact that last year we invested and built a 50'x60'x18' garage. With concrete heated floor and two overhead doors to accomodate large trucks. (For a business when we are back on our feet.)
But, back to the basics. This house loan is paid in full at the end of 2021. About 11 years.
Would going off the limb and refinancing to a 15 year loan with a lower interest rate (under 6.875) benefit me, or should I just leave this all stand as it is? My husband will be 65 in the year the loan is paid off, so that is another factor to consider.
hi kristi5676,
you are advised to go for refinance your mortgage.because you or on the verge of retirement and thus at this moment it is always better to save some extra money with refinancing.
there are plenty of online calculators available online by which you can come to know that how much you will be saving on interest if you refinance.one of those calculator is also available on mortgagefit and you can visit this from this link,
http://www.mortgagefit.com/calculators/
feel free to ask any further query if you have.
dipa
you are advised to go for refinance your mortgage.because you or on the verge of retirement and thus at this moment it is always better to save some extra money with refinancing.
there are plenty of online calculators available online by which you can come to know that how much you will be saving on interest if you refinance.one of those calculator is also available on mortgagefit and you can visit this from this link,
http://www.mortgagefit.com/calculators/
feel free to ask any further query if you have.
dipa