Refinance Mortgage?
I am in the 8th year of a 30 year mortgage @ 4.5% with 85K remaining to be paid. Would it be wise to try to remortgage to get the current 3.5%? I have an excellent credit rating. Also, which website do you recommend to use for comparing current mortgage rates? Thank you!
Terry Says
Absolutely, it makes sense to refinance and lower your payment. But instead of taking another 30 year mortgage, get quotes for a 15 year mortgage. Your monthly payment may not drop as much, but you'll be debt-free that much sooner. I'd go to GuaranteedRate.com, or use my contact there: Leslie@guaranteedrate.com to walk you through it.
