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debr_gw

Looking for Opinions refi with HARP offer

debr
13 years ago

Hi all. Just received an offer from Chase to refi my 110k mtg (currently at 5%/15years/7years left to pay)to a new 15 yr mtg @ 4.625% (no costs to me at all). This would be thru the Homeowners Assist Relief Program and the bank calls it a proactive approach for people who pay their mortgage on time.Looking for some opinions as I'm not sure whether to go with this or leave things alone. My payments would decrease by $700/mo. If I take the deal but continue to make my current payment I could pay off the house in 6.5 years and save 18K. OR, I could take the xtra cash and bank it and pay off the house when there is enough cash (would extend the time I could get tax deduction). Or I could leave it alone. Any thoughts are appreciated. Thanks!

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