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refinance or pay extra

Hi,

I need help. I have a 30-yr fixed at 5.5 originally $309K, but paid down to $255K. I pay $1755 per month. I can [url=http://www.mortgagefit.com/refinance.html]refinance[/url] with a 15-r fixed at 3.75 interest with payment of $1800.

Given that I have paid off almost 10 yrs on original loan, is it better to refinance, or pay off an additional $200m+ a month on my existing loan to in effect pay off the original loan in another 15 years instead of 20.

Thanks so much,

Carol

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi avivacarol,

Refinancing your existing mortgage into a 15 year loan is a good option in my opinion provided you plan to stay in the property for next few years. The more you stay in the property, the more easier it will be for you to offset the closing costs that you pay at the time of mortgage refinancing.

Thanks

Like | Dislike | Share | Posted: Sun, 05/20/2012 - 19:50 | Post subject:

sabrinatoss's picture
sabrinatoss | Joined: January 16, 2011 09:00 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

One of the options some people pursue is to refinance their mortgage and take the extra amount of money they get on a refinance and pay off their debt.

:idea:

Like | Dislike | Share | Posted: Sun, 05/20/2012 - 19:56 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi avivacarol,

Refinancing your existing mortgage into a 15 year loan is a good option in my opinion provided you plan to stay in the property for next few years. The more you stay in the property, the more easier it will be for you to offset the closing costs that you pay at the time of mortgage refinancing.

Thanks

Like | Dislike | Share | Posted: Mon, 02/12/2018 - 23:10 | Post subject:

sabrinatoss's picture
sabrinatoss | Joined: January 16, 2011 09:00 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

One of the options some people pursue is to refinance their mortgage and take the extra amount of money they get on a refinance and pay off their debt.

:idea:

Like | Dislike | Share | Posted: Mon, 02/12/2018 - 23:10 | Post subject:

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