refinancing

[Anonymous]

I currently have a 30 year mortgage with 14 years remaining on  it at 10%, I want to refinance  but the only mortgage loan the company has available is a 15 year mortgage. Should I refinance ? There will also be closing costs of over 2000 dollars.

[DallasLoanGuy]

Depends on how long you plan to stay in that loan.....

It is a simple(or not so simple) math problem.

Will the savings in pmt/interest pay off in the long run?

Did the loan officer offer a breakeven analysis of the old loan vs new loan?

If you stay long enough.... it will be a good deal. If you sell too soon, then you don't save enough in payments to recoup the closing costs.

15yr only? HUH? Maybe try another loan officer?

What bank ONLY offers 15yr and no 30yr mortgage?!?!?

[Anonymous]

The offer for a 15 year mortgage was through the mortgage company which holds the original mortage.Would I need to take out 1 30year morgage and I only have another 14  years on thi one.  I plan to have this home for my retirement.  It is being utilized now as a vacation home.

[Lel]

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@Anonymous wrote:

The offer for a 15 year mortgage was through the mortgage company which holds the original mortage.Would I need to take out 1 30year morgage and I only have another 14 years on thi one. I plan to have this home for my retirement. It is being utilized now as a vacation home.

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You should definitely be able to find a lender that will give you a 30 year loan, and assuming that you credit scores are good, you will get an interest rate that will beat your 10 percent. However, the interest rate on a 15 year loan will probably be better than the 30 year. With the lower interest rate, your monthly payment on a 15 year loan will be lower than your current payment, unless you take out equity when you refinance.

You could also get a 30 year loan and make extra monthly payments as if you were going to pay it down in 15 years. This would give you some flexibility - if there are a few months when money is tight, you could simply make the regular 30 year loan payment without any consequences.

[ShanetheMortgageMan]

Correct me if I'm wrong, but I think what sistercint is saying is that she wants a 14-year mortgage and doesn't want to stretch the debt out over another year longer than what she is scheduled to pay off her current mortgage in.

Just because a mortgage company only offers a 15-year term, and not a 14-year term, doesn't mean you can't make 14-year amortized loan payments on a 15-year mortgage.  Your loan officer should be able to give you an amortization schedule based on a 14-year repayment period so you know what payment to make each month of the new loan.  Simple as that.