/ Ask Terry Questions / Refinance Mortgage?

Refinance Mortgage?

By Terry Savage on August 26, 2016 | Housing / Real Estate

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.

money

ASK TERRY

a personal
finance question