Quote:
Originally Posted by MonkeyMama
How long do you plan to stay in your home?
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This is an important point. Statistically, very few homeowners keep a 30-year mortgage for 30 years. Either they move and pay off the mortgage at that point or they prepay and cut years off of the loan.
We started with a 30-year loan. A few years later, we refinanced to another 30 with a lower rate. Then a couple years after that, we refied again to a 25-year loan with an even lower rate. At this point, I've looked into doing another refi but the rates haven't been low enough to be worth the hassle. If I do refi, it will be to a 15 because we owe a relatively small amount and have the money to comfortably make the payments. However, what we will more likely do is start making extra payments to principal once our HEL is paid off which I anticipate doing by the end of 2009. So our current 25-year loan will probably be gone in no more than 20 years.