Posted on: 07th Sep, 2010 11:44 am
current 15 year mortgage $53,000 at 6% and we make 1400.00 a month payment. have goal to payoff current mortgage in 4 years.
refinance for 15 year with 4.89% and we make 1400.00 a month payment. goal to payoff in 4/5 years.
want to know if it would benefit to refinance.
only benefit i see is if in the future we can only make schedule payments and can no longer pay extra.
refinance for 15 year with 4.89% and we make 1400.00 a month payment. goal to payoff in 4/5 years.
want to know if it would benefit to refinance.
only benefit i see is if in the future we can only make schedule payments and can no longer pay extra.
While you refinance the mortgage, you will have to pay the closing costs. If you can afford the closing costs, then you can go ahead for the refinance. As you'll get a lower interest rate, you will have to pay low monthly payments. However, if you cannot pay the closing costs, you should remain with the same loan. Rather, you can make extra payments toward your existing mortgage and pay off the loan asap.