Refinance with Low Remaining Amount?
I have a 15 year mortgage with a 5.95% rate . I have 10 years left of payments. The balance is $42,000, Should I refinance with such a low balance? by Jessica8928 from Chandler, Arizona. Oct 4th 2010
Brian Esquivel (NewAZMortgage)
#23 ranked lender in Arizona - 67 contributions
Hi Jessica, It looks like you would be best off just keeping the loan that you have. Even if you were to get a rate of 3.5% on a 10 year loan, you would still be repaying almost $50,000 total for the new loan excluding closing costs. Your current loan will cost you $55,827 over the next 10 years.
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
Don't expect more responses Jessica. All loan originators would agree with Brian.
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