In 2009, I refinanced my mortgage to get down to 4.5%. I had an FHA loan originally, so it was a lot of money out of pocket to refi to a traditional 30-year mortgage with no PMI, etc.
Ever since the refi, I've been paying extra on the principal each month to where the whole thing will be paid off in 20 years.
The only way I'll take the plunge is if it's without escrow. I have that now, and let's just say I prefer things that way.
Would doing a 15-year refi be worth it at this point? Roughly have about $85,000 left on the loan, and monthly payment is $500 (extra principal makes it $630). Credit is excellent, so I should be able to get the lowest rate that's currently out there.
Advice, suggestions, etc. are greatly appreciated!
This post was edited on 1/17 at 3:02 pm