Refi to lower rate?

You will need to see what the cost of the loan will be on what the monthly savings will come out ot on the payment, generally you can add to the payment and pay it of sooner, most of the payment today is going to your princple balance, if anything look at a 10 year term.

Nathan gave you a great answer. You really would need to see all the numbers but if you refinance you should go for a 10 to 15 year fixed mortgage. With the new loan or current loan you can always pay more to your principal either monthly or an extra payment or more a year to shorten the length of your loan.

depends on your loan amount if you have a loan amount of $200,000 at 5.25% your P & I payment is $1,1104 if you want to pay it in 15 year you will have to increase your payment to $1607 aproximately.if you get a new loan today 15 year at 3.25% yor payment will be $1405 you are better off refinancing.if you have a ny questions you can reach me at 404-697-7952

It's really difficult to tell without know what your current loan amount originally was, and what your mortgage loan balance is now, but let's put some numbers to it. Considering that you purchased your home 15 years ago, the price in the Locust Grove may have been in the $120,000 range. At this loan amount, your monthly P&I payment at 5.2% should be about $660, and your current balance, if you haven't made any extra payments in the past 15 years, roughly $82,500. You should be able to get a 15-year VA loan today at an interest rate as low as 3%, as long as you can qualify for it. That being said, your monthly payment with this loan would be about $570, $90 less per month than you are paying now, and you wouldn't reset the 30-year mortgage clock. Unfortunately, I don't do loans in GA, only CA, or I would do this loan for. You should contact a savvy independent mortgage loan officer who knows how to crunch the numbers, and be able to get this loan. Stay away from banks. They don't have the best loan programs, lowest interest rates, or lowest costs.

Refinance to a 15yr mortgage will reduce interest expense and payment. Ican be reached at ballen@accessnational.com or 888-354-3299

A program called "mortgage coach" was designed for Loan Officers to answer questions like yours for you. Find a Loan Officer that's familiar with the program, and ask her to run your scenario. You'll know real fast if it makes sense.