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WRAL SmartShopper

WRAL SmartShopper

Thinking of refinancing to a 15 year mortgage?

Posted August 31, 2010

I just read a good article about the benefits and concerns regarding refinancing to a 15 yr mortgage. It's worth the read if you are considering refinancing your home to take advantage of the current low rates.  I am all about being debt free, including the mortgage, so we did a refi to a 15 yr mortgage years ago. It was a good move for us, but it isn't the right move for everyone. The article gives some other easy options for paying down the house early without the commitment of a 15 yr loan with the increased monthly payment.  It's an easy read but a good first step if you are thinking of going to a 15 yr loan.

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  • boomer3145 Sep 1, 2010

    You should still be able to refi. We did several times in two years when rates were at about 7-8% You may lose the little bit of equity you have but in the long run save a ton of interest. They roll the cost of the refi into your mortgage which would probably put it back at the original amount. Most of the time you get to skip a month also. I would do it while you can

  • KLW Sep 1, 2010

    We want to refi so badly but we've only been in the house for 2 years so we don't have enough equity to make it worth it. Our interest rate is 6.875%.