Refinance or wait?
I live in a studio apartment in Boulder and I am looking to refinance. I refinanced last year and got a 25 year at 3.5% and plan to refi again to a 20 year at 2.75%. Should I go on with the refinance or just add payments to my current mortgage every month? by oracle320 from Boulder, Colorado. Nov 9th 2021
I have a better suggestion, instead of keeping refinancing. Making additional principal payments will shorten the length of your mortgage term and allow you to build equity faster. Because your balance is being paid down faster, you'll have fewer total payments to make, in-turn leading to more savings.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Only you can answer, but you just paid closing costs last year, and will again. probably better to just figure out how much extra you need to pay on the current loan to make it pay off in 20-years. I lend in MN WI IA ND SD - Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
Ask our community a question.
Get an answer
Related Questions
