Should I refinance a mortgage that I have been pre-paying?
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Well you have paid off 14,000. Of your mortgage at the 6% interest rate. Would it make since to lose that principle paid off just to refinance? I think not. At the rate you are paying it off now it seams you will have it paid off in about 20 years anyway. So save your money until it makes better since to you. Just an opinion.
Should I refinance a mortgage that I have been pre-paying?How long are you going to be staying? It doesn't make sense to refi if you are thinking about moving in the next few years, you will never recoup the closing costs.
Should I refinance a mortgage that I have been pre-paying?I would suggest you refinance to a 15 year term since you are able to prepay. !5 year mortgages have substantially lower interest rates than 30 year loans.
Today's 15 year rate is 4.82 and today's 30 year is 5.31
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