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Refinancing a mortgage.

 
 
Reply Tue 11 Mar, 2008 12:23 pm
OK, I'll admit it, I'm not a math wiz. I need to refinance my mortgage. Just months before my ex left we refinanced at an adjustable rate. Well, it adjusts at the end of this year so I'd like to lock in.

Should I....
A) Get a 30 year fixed at a higher rate, lower payment

or

B) Get a 15 year fixed at a lower rate, slightly higher payment higher points.

If I go with A I could make extra principle payments. Would that be the smarter thing to do?
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JPB
 
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Reply Tue 11 Mar, 2008 12:39 pm
I did A but pay it off at the payment level of B (extra principle). Even though the interest rate is marginally higher with the 30 yr note, the additional interest is tax deductible and I'm not forced into the higher monthly payment should my financial situation change.
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martybarker
 
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Reply Tue 11 Mar, 2008 02:11 pm
Good advice. I'm anticipating the rates to go down with the recession. Anyone agree?
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