Posted on: 04th Nov, 2010 01:43 pm
I owe $150,000 with 23 years left on a 5.25% VA mortgage. Should I refiance $158,000 (Bal + taxes + fees) for 30 years @ 4.25%?
hi stormi!
welcome to forums!
as you're getting a low rate, you can refinance the mortgage. but you should note that your loan term will start over all again. you can refinance it into a 15 year mortgage. however, in that case, you may have to pay a higher monthly payment. moreover, refinancing the property will only make sense if you plan to stay in the property for a longer period of time. this will help you in offsetting the closing costs.
feel free to ask if you've further queries.
sussane
welcome to forums!
as you're getting a low rate, you can refinance the mortgage. but you should note that your loan term will start over all again. you can refinance it into a 15 year mortgage. however, in that case, you may have to pay a higher monthly payment. moreover, refinancing the property will only make sense if you plan to stay in the property for a longer period of time. this will help you in offsetting the closing costs.
feel free to ask if you've further queries.
sussane