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I only have 7 years left on my mortgage, however, the interest rate is at 6.375% and I feel like I can get between 4.5% and 5%. I owe about $58k on my mortgage and the payment amount is $865 per month and I pay an additional $25 per month principal. Would it be smart to look into refinancing for a lower interest rate only (not necessarily to lower the payment, but perhaps to pay off sooner)?

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

George, a little battle with insomnia?

I will add my two cents to this topic...

Guest, if you can find a HELOC at a much lower rate, then I would definitely consider doing it. Your fees on the HELOC will be minimal. Then, if you continue to make the same payments that you are making will pay down the loan much faster than 7 years and WILL save quite a bit of interest.

Like | Dislike | Share | Posted: Mon, 10/12/2009 - 06:38 | Post subject:

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