DeacOnCapeCod
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- Mar 25, 2011
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We are looking into refinancing our mortgage, we have found a lender where the 30 year mortgage had just a slightly higher rate than the 15.
We've crunched numbers on mortgage calculators about payments with or without making any extra payments.
Would it better to take the 30 year and make those extra payments directly to principal rather than the 15 ? Obviously, we would need to be disciplined enough to stick to it, but paying directly to the principal would seem to be a good option provided we can do this with the lender.
Is there something obvious that I might be missing?
We've crunched numbers on mortgage calculators about payments with or without making any extra payments.
Would it better to take the 30 year and make those extra payments directly to principal rather than the 15 ? Obviously, we would need to be disciplined enough to stick to it, but paying directly to the principal would seem to be a good option provided we can do this with the lender.
Is there something obvious that I might be missing?