Should I refinance my mortgage or not?
Added (1). My mortgage: USDA 30 year, 3.75% Escrow and Mortgage insurance required on the life of the loan. I owe 130,000
Propoosed: 15 year mortgage, 4.75% interest, 2,000 extra cost to switch but no escrow, no mortgage insurance
Pros to switching: No mortgage insurance and no Escrow so I could pay lots during the first 9-10 months and then save the taxes the last 2-3 months.
Cons to switching: Higher interest rate and the 2k upfront cost
Would you switch if you were wanting to pay it off in 4 years?
Read more: Should I refinance my mortgage or not? - 1
