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03-10-2011, 04:11 PM
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15-Year Mortgage Refinance Vs. 30-Year Current...
...Mortgage? We are thinking of refinancing our current fixed 30-year mortgage to a fixed 15-year mortgage. We owe about $140K at 6.25% currently with 22 years left to pay down. Is it smarter to move to a 15-year fixed at 5% (with all of the closing costs rolled in) or smarter to just pay more each month on our current 30-year mortgage.
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03-11-2011, 03:38 AM
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amortization means nothing but obligated payment unless it affects what interest rate is offered and usually not. Otherwise, check how flexible your payments are and keep 25 or 30 or heck 100 year amortized payment obligation then just pay whatever you need to finish in 15.In your question, if you must amoritze 15 in order to get 5% and can afford the payment...do it.Im also betting your TERM is 5 years or less and likely able to renegotiate soon anyway?
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