Refinance mortgage or get a loan
We are 16 years into a 30 year ARM
Balance is 53,000
Current rate 4.250
Do we refi to get lower rate and lower term
Or
Do we get a loan for 53k to payoff in 36mo
Or
Keep current mortgage and double/up monthly payments?
Terry Says
I think I have a better alternative. REfi to a 15 year fixed rate, which should be well under 3%. You an always pay additional on this loan if your goal is to pay off the mortgage entirely. But this way, if your job or life changes, you know you can afford the monthly payment and it is fixed.
