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Refinance or extra payments?

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Alice Guest	Posted: Thu Nov 18, 2010 12:14 pm    Post subject: Refinance or extra payments? Like 0 Dislike 0 Our original loan is $183,000 (after large down payment) reduced to $160,000 after 7 years of 30 Year at 5,125%. It looks like we could refinance around 1% lower here in GA. I am not sure about closing costs yet. Monthly is about $1100. Would you recommend to do it or rather add extra payments to existing loan? Another option is to refinance to 15 Year? Thank you so much for your advice. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Nov 18, 2010 8:16 pm    Post subject: Like 0 Dislike 0 Welcome Alice, If you have equity in your property, then you can refinance the mortgage and go for 15 year fixed rate loan. This will help you in paying off the loan faster and become debt free. You should contact your local lenders and check out the closing costs. If you can afford to pay the closing costs, then it will be a good option to refinance the existing mortgage. _________________ Procrastination is the enemy of your financial success

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