Asked by alice  |  Submitted December 14, 2016

I have 23 years left on a 30-year mortgage. Should I refinance from a 4.87 percent to a 3.75 percent mortgage starting at 30 years again?

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  Answers  |  1

December 14, 2016

This would more than likely be a sensible move. What you can do is complete the refinance, but continue making the same payments. The new loan with the additional principal payment will likely be paid off even faster than 23 years. 30-year fixed rates are significantly higher in the past 30 days, so a fixed 3.75% is a great rate, if you can secure it now.

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