Should I refinance to a 15 year mortgage or stay with my 30 year and just pay extra principal every month?

I have a 30 year fixed mortgage with a good interest rate (I don’t remember exactly, but I remember it being comparable to other rates on the market when I checked). I’ve had the mortgage for about 3 years now, with 100% on-time payments. I’ve switched jobs recently and have extra income, and I am able to put more towards my mortgage. Should I refinance to a 15 year fixed mortgage or stay with my current mortgage?

Also, I have a car loan for my current vehicle, should I focus on paying that off before putting the extra money towards my mortgage?


Thank you everyone for the responses. I have my answer, and the responses now are just repeating the existing comments.

submitted by /u/RallyX26
[link] [comments]

Main Source
Author: /u/RallyX26

You might also like More from author

Comments are closed.