Quote:
Originally Posted by Redlemon
If you do refinance, don't just look at the rate, look at the duration of the loan. When we were 6 years into our mortgage, we refinanced. The monthly payment remained about the same, but we switched from a 30 year to a 15 year. That shaved 9 years off the loan length, which will end a couple of years before our son is ready for college.
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I plan on being in this house for a max of ten more years so I'm gonna stick with another 30 yr fixed rate. I want it a bit cheaper, but I mainly want to take off my grandpa. I have about 40k in equity so I was thinking of tacking on about 8 grand on top of what I owe now to finish my basement and build a deck.