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Do I refinance?

My husband and I have a first and second mortgage on our home. We owe around $42,000 on the first and will be paid off in 4 years at a 5.25% interest rate. The second loan has $28k left with an 8.25% interest to be paid in 6 years. Our lender offered a refinance for 10 years with a rate of 2.4%. Monthly payments will be lower but we are thinking twice since we are 3 years away from retirement and would want to add a long-term loan to our plate. Is it a good idea to refinance? by mcrawfor117 from Cook Springs, Alabama. Nov 2nd 2021 Reply


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