Should I refinance my house?

If your husband just lost his job then you will have to refinance on your own without his income reflected. If you can qualify on your own then you can refinance but 10 years or so would be the shortest term you could reset to. You could refinance to 10 years and save significant money because the int. rate on a 10 yr note is about 2.3%, basically half what you now pay interest wise but again, you will have to do it alone.

It will all depend on your situation and what your ultimate goal is. We are right on Morris ave if you want to come in and get a free consultation. or call me 908-933-0253 ask for Peter(ext.319)

There's just too much info missing to properly advise you.. What is your loan amount?? (Some lenders have minimum amounts).. What is the value of your property in relation to what is owed (LTV)?... Can you qualify on your own credit and income? Etc... Here's what I would suggest.. if you have sufficient credit and income, you can refinance at a 15 year fixed. The rate will be lower than your paying now, but slightly more than you could get if you went 10 year fixed.. But by doing this, you would substantially lower your monthly payment.. once your husband is back to work, you can increase your payment the same payments your used to paying before the refinance, and you should pay off your home in about the same 6 year time period...I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Maybe you should stand pat with what you have. I don't know what your loan size is but $1000.00 at 5.12% on a 15 year mortgage is $7.97 a month. A ten year loan at 2.3% ( according to Travis) costs $9.34. . To pay off your loan in 6 years would cost $14.88 per thousand. You do the math. Multiply $14.88 times what you owe. That will be essentially your principle and interest payment. Do you save enough money? Naturally you would have to qualify based on your income but maybe it isn't worth it anyway. Remember you are going to incur closing costs as well. That will increase your loan balance by anywhere from 2-4%. Hope this helps.

You will probably not be able to find a loan that keeps your terms down to the 6 years you have left on the current loan. However you might able to do a 10 year loan with enough savings that you could make extra payments over the life of the loan directly to princiaple so that you could pay the loan off with in the 6 years you have left and be saving money on the interest you paid. Your situation should be discussed with a local professional that can look at all of your circumstances and help advise you what that best options are for you.