Should I refinance to a 20-year mortgage if I do not qualify for a 15-year?

If the rate is the same, then you can do the 20 year, but pay extra.. net result is that you can still pay it off in 15 years.. it's just that your not obligated to.. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Depending on how long you've had your 20 year loan would be a factor as to whether you should refinance or not. If your rate is low - then you should just pay extra on the principal every month, and you'll probably pay off the mortgage faster. Then it won't eat up your equity you've already established. Happy to go into further details at 713-569-0025.