I need to refinance my house in order to get $10,000 for some foundation work. I have 12 years remaining on a 15- year loan. Im able to make the payments but my child support is going to stop next year which will probably hurt some. Instead of refinancing for 15 years, I was thinking maybe I should refinance for 30 years and my payments will be $200 less per month. I only contribute $100-$200 per month towards retirement now and I could put that extra $200 per month towards retirement or in a saving account for emergencies. I dont know if I plan on living in the house for the rest of my life. I just hate the fact that at the age of 46, I will have 30 years left on my mortgage!! But Im also worried that I am not saving enough for retirement and with the child support stopping, being able to keep up with the payments on a 15 year loan especially if an emergency comes up sometime in the future.
Any suggestions, please?
Any suggestions, please?
