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Posted in Mortgage
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donutlady99

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Re-financing or paying extra every month
I can re-finance my home at a 1% drop in interest...OR should I leave it alone. I'll have my car pd off in 4 months,which will free up $650.00 and I can apply an xtra $500.00 toward the principal every month. I think its a no brainer...I think this will drop about 7 years off of my mortgage. My note is 960.00 ,so I'll be paying more than 1/2 of a note extra per month toward principal. Isn't this the route to go? Please let me knoe what would help me most...I owe 105,000.00. Im 52 and hubbys 54..I want to own our home befor he turns 65...ADVICE PLEASE!! brownll373@aol.com

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Pay off the principle

Helpful to 1 out of 1 people

Looking at your age, you would be better off paying down your mortgage quicker than choosing to refinance. Not only will you save $$ in interest, but you may have an easier time retiring when you want to. Refinancing only extends the loan and who wants to keep paying off loans into their golden years?

There is math involved if you want to weigh the benefits for each option, but I it were me, I would prefer the peace of mind knowing that I own my home when I get close to retirement.

I hope this helps :)

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