Posted on: 01st Dec, 2010 09:59 am
Current mortgage is 5.125, we are 8.5 yrs into a 30 yr fixed. Balance is $196,000 - house would appraise for $260,00. Is it worth it to refi or can we pay extra each month?
hi guest!
welcome to forums!
you can refinance your existing mortgage for a shorter term period. a 15 years fixed rate mortgage will help you in becoming debt free faster. you can refinance the existing mortgage and take advantage of the lower rates. you can make extra payments toward the new loan and pay off the mortgage even faster. however, while you refinance your existing mortgage, you'll be liable for paying the closing costs.
feel free to ask if you've further queries.
sussane
welcome to forums!
you can refinance your existing mortgage for a shorter term period. a 15 years fixed rate mortgage will help you in becoming debt free faster. you can refinance the existing mortgage and take advantage of the lower rates. you can make extra payments toward the new loan and pay off the mortgage even faster. however, while you refinance your existing mortgage, you'll be liable for paying the closing costs.
feel free to ask if you've further queries.
sussane