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trackle09 · Joined: 26 Oct 2009 Posts: 1 1.31 Dollars($)

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.

jveenstra · Posted: Mon Oct 26, 2009 1:10 pm Post subject: Refinance

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.

raymond · Posted: Thu Oct 29, 2009 7:50 pm Post subject:

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.

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