THE SCENARIO
I've
written recently about
offers I've gotten to refinance a mortgage to a 15-year term rather than the 30-year term it currently has.
There is another option, however, in case I'm interested in paying down my loan more quickly, but I want the option to 'relax' my payments in case I experience an income interruption, extraordinary expenses, or the like.
Namely, I can get a 30-year loan, and then, if I can afford the 15-year loan's payments, I can pay that 30-year loan with the 15-year loan's payments. Doing that will considerably shorten the time it takes to pay off the loan.
My mortgage, regardless of its length, will be for $300,000. ...
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