[dropcap2]Q[/dropcap2]I owe 138,000 on my home with a 6.15 apr . It appraised at 130,000. Would it be worth it to spend 12,000 towards the principal and get a 30 yr mortgage with a 4.49 apr?
[dropcap2]A[/dropcap2]There are too many variables in this to give you an exact answer as it pertains to you & your financial situation. IE; how long will you continue to stay there / what is the difference in monthly payment / how many years will it take you, with the monthly savings realized form a lower payment, to make back the $12,000? I suggest sitting down with your financial consultant, review all the ‘if / & / butts , of the situation. Then, armed with this info, you should be in a better position to make this decesion.
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