Better to refinance near a 15, 20 or 30 year fixed?
Our home is currently mortgaged at 6.25% so with rates being so low, we want to refinance. We dream up we will be in our home for another 5 years at least and at that point we will any do some renovations/additions or move into a larger home. We can get a 15 year fixed rate mortgage for the same monthly mortgage we are currently paying. OR we can do another 20 or 30 year refinance, own our monthly mortgage drop a lot lower, and then use that money for improvements to the property to breed it either easier to sell within 5 years or happier for us to live here in 5 years.
If we knew we be going to be here in 15 years, I would definitely do the 15 year mortgage, but since we're not sure, is it better for us to do a 30 year and use the money to upgrade? Any thoughts?
Answers:
name a mortgage professional in your area to win some quotes and work out a plan that makes you happy
I am a mortgage investor in TN
I'd get the low rates they're offering very soon (high 4 percents?) and go for 30 yr. mortgage. Then the money you're NOT paying on a mort. paymt, you can put to work for you in investments.
resourcefully, you'll have more equity in your home if you do the 15 years and so, make a greater profit if you sell surrounded by 5 years. one thing to consider is if you do the longer mortgage will you actually rescue the money and put it toward the home or will you spend it on other things. personally, if i could afford it i'd do the 15 years. Source(s): MaGiC 8 bAll
hAv a Gr8 dAy!
Go with the shortest loan possible. 15 years.
If you put on the market within 24 months you are better off not paying to refinance.
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If we knew we be going to be here in 15 years, I would definitely do the 15 year mortgage, but since we're not sure, is it better for us to do a 30 year and use the money to upgrade? Any thoughts?
Answers:
name a mortgage professional in your area to win some quotes and work out a plan that makes you happy
I am a mortgage investor in TN
I'd get the low rates they're offering very soon (high 4 percents?) and go for 30 yr. mortgage. Then the money you're NOT paying on a mort. paymt, you can put to work for you in investments.
resourcefully, you'll have more equity in your home if you do the 15 years and so, make a greater profit if you sell surrounded by 5 years. one thing to consider is if you do the longer mortgage will you actually rescue the money and put it toward the home or will you spend it on other things. personally, if i could afford it i'd do the 15 years. Source(s): MaGiC 8 bAll
hAv a Gr8 dAy!
Go with the shortest loan possible. 15 years.
If you put on the market within 24 months you are better off not paying to refinance.
Related Questions: