Question for the Money Doctors

Question submitted on Sep 9, 2012.

Question

I currently have a balance of 60k on my mortgage with an interest rate of 4.875% fixed 15 years. About 5 years are left. Thinking about refinancing. Is there a program where I can lower the rate and pay the amt over 5 years as well. Thanks

Sunil

Answer

Generally speaking, the interest savings on a re-finance does not exceed closing costs for a mortgage period that short.  However, contact a local CPA to help you run the numbers and see if it makes sense for you.  You can find one in your area at www.findacpapfs.com

For additional information visit http://www.360financialliteracy.org/