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If I have only 7 years left on mortgage, is there any good argument to refinance?

by matthew_ansari220 from Baldwin Park, California. Oct 22nd 2014 Reply


Joe Patterson (joepatterson@princetoncap.com)
#976 ranked lender in California - 5 contributions

The simple answer is no. Your payment is mostly principle at this point. The only reason to refinance might be to pay-off credit cards, student loans, or medical bills; or to buy another property. If those situations apply, you would probably want a 10-15 year fixed. Otherwise, good job on getting the loan paid down.Joe

Oct 22nd 2014
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Brian Allen (ballen)
#43 ranked lender in Maryland - 190 contributions

NO, paying mostly principal and as previously stated the only reason would be to cash out some equity for Debt reduction or asset purchase.

Oct 23rd 2014
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

None at all. If you are not behind on your mortgage, keep doing what you are doing.

Oct 23rd 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

It really depends on what your goal is.. If you have a high interest rate, but you have no problems making the payment, then the costs to refinance might not net you any savings on a loan with only 7 years remaining.. however if the payment is too high, or your think you could benefit by taking cash out and paying off other debt where the interest isn't deductible, then it could be very advantageous for your to refinance. It's best you sit down with your financial planner or a local mortgage broker and let them look at your complete profile.. once they see the complete picture and know your goals, they can advise you properly.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 23rd 2014
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