I have $165k remaining on a 27 yr mortgage at 3.75%. The current market value of our home is $264k. Should I refinance now?
I plan to retire in 3 yrs.
Answers | 5
If you have been paying extra in order to accelerate the reduction of your loan balance, I believe that you would be wiser to redirect these extra payments to build a reserve for future emergencies, such as making house payments at a time of income interruption or unexpected expenses.