Ask Terry Questions Refinance or not

Refinance or not

By Terry Savage on January 03, 2021 | Housing / Real Estate

I am 66 and have 30 yr mortgage with 46K left on it at a 4.25 rate. My payment is around 1,000 a month but I pay $725 2X a month. Should I just keep doing this or something different. I want it paid off!

Terry Says

Refinance now and if your credit is good and that is a small amount relative to the value of your home, you can refi to a 10 year loan or even a 5 year loan if you can afford the new payments. The rate should be around 2.5% for that loan — so you will save a lot on interest and still get the home paid of soon. Shop for rates. Go to Quicken Loans or GuaranteedRate.com Or contact my mortgage guru Leslie Struthers. Her email is Leslie@rate.com No need to use my name as I get nothing out of this recommendation.

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