Archive - March 1, 2012

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Here’s When you Should Refinance Your Mortgage

Here’s When you Should Refinance Your Mortgage

I received an email request recently that I thought would be of interest to readers of figuide.  The request read like this: 

“I currently have 5 1/2 years remaining on a 15 yr. mortgage at 5 1/2 percent.  I owe $96,000 on the mortgage.  Does it make sense due to the time remaining on the loan to refinance at this time to a 15 yr. loan?  I know I would drop at least 2 percentage points of interest, but do I need to consider the amortization schedule in regards to interest vs. principle paid each month when making this decision?”…

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