Which of these two home finance options do you think are better?
by Mortgage Rates on Sunday, September 26th, 2010 | 2 Comments
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Stick with current mortgage and just add extra principle each month. You can knock off years just by sending 100 extra.
It solely depends on how long you plan to OWN the home:
-If you plan to keep the home until it is paid off in 20 yrs. then refinancing would save you $117,666!
-If you think you may want to sell it when the market picks up again (maybe in 5 yrs. or so), or if you think you may have to move in the near future and dont want to rent the house to someone else or for whatever reason, I would stick with what you have and save the $1850 fee plus $36 per month.