Should I refinance?
I have 7 years left on a 15 year mortgage. I owe $90,000 on the loan and my home is valued at $450,000. My rate is 5.0 % I'm looking to refinace a higher $ amount because we need many repairs to our house but do not have the liquid cash. If I refinance back to a 15 year mortgage at 3.5 % and take out 50k or more on the load, is it worth it? by tlfkc_135_929 from Brookfield, Connecticut. Sep 7th 2011
Marcus Buchanan (mbuchanan)
#312 ranked lender in California - 28 contributions
While you are in a unique situation of only having 7 more years left on your current mortgage, refinancing is defiantly a great option for you especially now because today's rates are extremely low. With a rate of 3.5% for 15 years and some cash out to do some repairs, you will still be able to save money and get the necessary repairs so you can get your home back in order. Feel free to refinance with confidence.Marcus BuchananParamount Equity707-393-9120
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