Refinancing home when only have 6 1/2 yrs left on mortgage?

[believe]

I know when I did the calculations, we are in similar situation, a refinance was going to increase my mortgage a bit since having to pay interest againg. The interest rate for me wasn't much different though.

We decided to wait till the house is paid off to do any remodel or repairs that can wait. As for the braces I would work with the orthodontist on a payment plan where there wouldn't be any interest.

 

[beaucoup]

I'll tell you what we did. Banks don't ever offer this suggestion but they do it. We refi'd our small mortgage balance to a home equity line instead because it had no closing costs & we knew we would be paying it off very fast.

And we did. Mortgage & debt free for about 6 years now. The line is still open if we ever want to use it, but we don't. Rate is 3.25% variable. And yes, we are responsible for saving for our own taxes which isn't a problem.

Thing is though, amount due each month is very small. You have to be disciplined enough to PAY a large amount you calculated to get out of debt on schedule. I didn't have a problem with this. Every extra penny went to them because I wanted to be done owning people. It was a fun game and we won!

Ask the bank if they will do that. Person might not know & might have to ask lending supervisor because no one thinks of doing it for some reason.