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If I have 4 years left on my mortgage and owe $60,000 does it make any sense to refi?
Our family has had a decrease in income. 'Have lots of assets, but little disposable income. In 4 years my house will be paid off, but the tight money situation is making my hubby and me nearly NUTS. My house is worth about $275K.
Anyone have any recommendations? Our credit is good. No credit card debt, no bankrupcies... JUST BROKE NOW!!!
1 Answer
- ?Lv 78 years agoFavorite Answer
If you are under 50 yrs of age refinance the 60k for a period of 10 yrs. Nothing longer since you want the house paid in full before you retire. The small amount you owe means your current payments are almost all principle plus property taxes and insurance. Depending on your current interest rate you may not see much monthly savings. Do the math and make sure a refi meets your needs.
