How can one reduce their mortgage rate and not extend the life of the loan?
I am fifteen years into a 30-year mortgage and don't want to extend the length of time until I've paid it off.
Answers | 4
Paul has given you a great suggestion on refinancing with a lower time frame.
Now, I would like to dive a bit deeper into your question. What is the current FMV (Fair Market Value) of the property? Also, add up those fifteen years of payments. Next, add up the payments on another 10-15 years. Will the total of all those payments be less than the FMV of the property after you have paid it off? We have met with quite a few folks who tell us they want another option.
Another direction is equity financing. Use another investment with a higher ROI than your current mortgage and pay off the mortgage from the proceeds. There are lots of choices here. You can set this up yourself or we can customize something for you. Always do what is in your best interest.
Feel free to follow up with us directly or to discuss your situation in greater detail. No obligation.
It's not what you make; it's what you keep that determines our lifestyle.