Question by ramona rankins: Mortgage refinancing?
I refinanced 4 years ago for 15 yrs.Would I be better off refinancing for 30 yrs and paying more on my principal each month?
Answer by Lisa L
No. It will cost you to refinance & you are adding 19 years back on your loan. It is to easy to not pay extra so you will not be paying it off as soon as you would now. IMO-bad idea.
Know better? Leave your own answer in the comments!
If you can handle the monthly payments and plan to remain in the home for several years, the 15-year fixed will save you a large amount over the life of the loan.
On the other hand, 30-year fixed rates can be had under 5% right now. It is very possible that you can bring your monthly payments down significantly, and pay extra principal if and when you choose. So if you want more monthly cash-flow and the flexibility to make extra principal payments, refinancing could make sense.
It really depends on your situation and your objectives.
Hope this helps.
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