House mortgage
Hi Terry! My husband is a fan of yours!!! We owe $45,000.00 of our house, I would like to know if this a good time for refinance our home, we owe it for five years already
Terry Says
Oh yes, definitely try to refi now. Banks and mortgage companies are getting overwhelmed with mortgage refi business. So go back to your original lender, but also go to places like Quicken loans and GuaranteedRate.com (For personal service contact my friend Leslie Struthers at Guaranteed Rate (Leslie@rate.com).
But you’ve been in your home for 5 years. So consider taking a shorter term mortgage — say 20 or even 15 years. If you’e planning to live there for a long time, this will save you a fortune in interest — even if the monthly payment doesn’t drop as much.
