After just two years, should I refinance again?
Q: Would it be an advantage to refinance a 15-year, $130,000 loan at 4.625% if I just refinanced two years ago? My house is worth $225,000, our credit score is 800, and I want to pay off our house before retirement.
What about closing costs, etc?
A: The answer is "maybe". You don't mention how many years you have until retirement, and you're already two years into your mortgage. Certainly, it's possible for you to lower the interest rate to perhaps 4% with a new 10-year loan, but since your interest differential will be small, your monthly payment will probably rise somewhat.
More help from HSH.com
The salary you must earn to buy a home in 27 metrosHere’s how much salary you would need to earn in order to afford the median-priced home in your metro area.
Can I separate tax and insurance payments from my mortgage payment?It may or may not be possible for you to take on the responsibility
HSH.com on the latest move by the Federal ReserveThe Federal Reserve concluded a meeting today with no change to the federal funds rate and no changes to other monetary policy tools.
Advantages of a FHA mortgage in 2017FHA loans became more affordable in 2016, thanks to a drop in the annual mortgage insurance premium that the Federal Housing Administration charges. More cost reductions may be on the way in 2017, too.
Streamline Refinance Program to Replace HARPThe HARP refinance program for troubled or underwater homeowners will come to an end in 2017, but a new streamline refinance program will takes its place.