Refinancing home to get money! 15 year or 30 year?
Written By: admin on July 15, 2009
One Comment
We need to refinance our home fha to get out all our equity to pay off bills. Our mortgage will be 250,000 at 5.8 percent. My husband is 51 and I am 43 we will not hae any equity. Should we do 15 year or 30 year. I want to do 15 year ancient but we will be 200 small a month. I am worried because of our age and the current market. We could get a second job since we will be small on 15 year. Any adice?
some of my keys are broke!
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If you intend to sell the house within 5 years…
You should get a 30year fixed with an Interest Only payment. Rates are ~.375% higher, but the required payment will be $s lower. Now hold on… you have the OPTION to pay more to principle, but it is NOT required. Putting the extra $100 each month will lower your principal quicker than if you accepted the amortized payment… for the first 5 years. (all you doubters out there need to check your amortization tables)
If you intend to retire in the house…
Get the 30 fixed but pay the 15yr note payment every month or speak with the mortgage servicer about optional bi weekly payments. As a result, you will dramatically lower your principal.
Remember, your cash flow will be better now that your credit cards are all paid off. BTW… don’t close the credit cards… open and $0 – $25 balance credit cards are EXCELLENT for your credit score.
Fantastic question!
Best of luck to you!