Hi everyone,
I was curious if the MMM crowd has recommendations on the best companies to consider for refinancing a mortgage from a fixed 30-year to a 15-year version. My wife and I are not FI, but want to get there ASAP. The biggest financial albatross we have is our mortgage. We've started ramping up how aggressively we are paying our current mortgage down but want to run the numbers if it's better just to refi to a 15 year. Here's some info:
Original 30-yr mortgage principal: $415,000
Start date of mortgage: July 2015
Current principal: $374,000
Current interest rate on 30-year: 3.875%
Current value of home: $900,000
We have started making an additional $1000 payments on the principal every month. If we hold on that, we would pay off the mortgage in about 13.5 years or 2032. I would like to be able to run the numbers to see if it makes sense to add another 1.5 years back onto the mortgage and pay for closing costs. If possible, I don't want to pay for services I don't need. Are there online companies that can help with this process that don't involve loan brokers taking a commission and/or tipping the scales toward products that favor them? If so, which are the best?
I realize that I dropped a lot of info and questions in here, but I'm basically looking for recommendations for good mortgage companies -- online or otherwise. I'll take any additional advice if someone has it about the bigger strategy given our situation!
Thanks!