refinance or pay down ?

You should be able to lower your interest rate by at least 1% and shorten the term another 6 years. If you could lower your rate and term with minimal or NO COSTS, you should seriously take a look at it. I am currently working with a couple tht is lowering their rate by only 1/2% and lowering the term by 3 years with NO COSTS. This was beneficial enough for them to proceed.You have to determine what your long term goals for the property and loan are. Feel free to call me direct at 866-901-3576.

The easy answer would be yes you would be in a position to refinance. The more complicated would be to ask you a few more questions. How long will you be staying in the home? What is the financial goal that you are trying to achieve by refinancing? Lowering you payment or leveraging the extra money each month into another higher paying investment source. It takes time to recoup the cost of a refinance before you actually start seeing the benefits on your principle reduction. You will need to find out how much it will cost you to refinance to know how long it will take you to benefit from the refinance. This will help you compare lenders. If you think you will move in a few years you may consider a non interest only ARM. The interest is quite a bit lower on these programs giving you the extra cash to invest else where and still allowing you to apply some of your payment to principle.You will recoup your costs a lot faster since you will be paying less in interest and making more of your money that you save in your payment every month. I hope this is helpful to you. Please click on my icon above to see rates and contact information. If you have any questions please let me know.

You would be paying about $160 month less by refinancing. ... Your break-even point would be under three years. ... Applying the $160 to your new $190k loan, plus whatever additional you plan on paying, should shorten you pay-off time considerably. ... Happy funding, Rudi