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 trackle09
Joined: 26 Oct 2009
Posts: 1
1.31 Dollars($)
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 Posted: Mon Oct 26, 2009 8:20 am Post subject: Refinance option |
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| My current mortgage 180000,30 years fixed rate,6,5 interest rate,i bought that house about 2 yrs.Now I want to refinance,15 or 20 years fixed rate,4,5 interest rate.My plan,I only stay in this house about 6 more years,I will sell,when I reach to retirement age.I am 60 years old now.Should I do for the best way?Thanks for your time. |
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jveenstra
Community Experts
Joined: 10 Nov 2008
Posts: 340
Location: River Edge, New Jersey
85.80 Dollars($)
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| Posted: Mon Oct 26, 2009 1:10 pm Post subject: Refinance |
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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.
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John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Thu Oct 29, 2009 7:50 pm Post subject: |
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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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Raymond
www.ReverseMortgageCalculator.org |
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