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loofy

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At 45 do you go to a 30 yr fixed with 4% interest or do you stay at a 20 yr fixed at 5.25%

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How about taking the 30 year and paying it off in 15?  Try asking your mortgage broker if there are prepayment penalties.  If not, go for it!!

They will offer a lower interest rate on the 30 year because they will actually get more money in the long run, since the interest amount is higher in an amortization schedule (schedule of payoffs).   You can add extra money to any payment and specify that it be applied to the payment of the principal. 

I will strongly suggest that you get insurance (renewable term is excellent) in an amount that will pay off the mortgage in case of your death and the same on your spouse.  The "protection" insurance mortgage brokers offer is overpriced.  I say this because former husband did not do so and his widow is stuck with the house payments on a lower income.

Hope this helps.

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