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re: Pay down mortgage and refinance to 15 yr or pay off all other debt?
Posted on 3/27/19 at 2:12 pm to TDsngumbo
Posted on 3/27/19 at 2:12 pm to TDsngumbo
Is a recast or re-amortization an option on your mortgage? 3.4% is going to be hard to beat.
A recast is where you put down a lump sum extra payment on your mortgage and then you re-amortize the remaining principle over the remaining period of the mortgage. This would allow you to still lower the monthly payment and keep 3.4%. I think the best you could do on a 15 year mortgage is around 3.625% and you'd likely have to also pay closing costs to refinance.
I would probably pay off all the other debt and tackle the mortgage later.
A recast is where you put down a lump sum extra payment on your mortgage and then you re-amortize the remaining principle over the remaining period of the mortgage. This would allow you to still lower the monthly payment and keep 3.4%. I think the best you could do on a 15 year mortgage is around 3.625% and you'd likely have to also pay closing costs to refinance.
I would probably pay off all the other debt and tackle the mortgage later.
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