Posted by Mike (WA) on December 15, 2010 at 12:07:32 from (69.10.196.7):
In Reply to: Refinancing the home posted by Aaron Ford on December 15, 2010 at 11:25:24:
Rule of thumb is that if you can get at least 1% lower interest rate, and you plan to stay in the house at least 5 more years, you're ahead to refinance. Assuming, of course, that the fee ("points") is reasonable (1% or so).
The 30 yr. vs. 15 yr. doesn't enter into it (except for the fact that the 15 has a lower interest rate at any given time)- because you have a 15 yr. now, just not officially. To pay in 15 years (or 10, or whatever), just make extra principal payments every month.
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