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Money and Finances
Reply to "15 year vs. 30 year mortgage"
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[quote=Anonymous]We refi-ed in 2010 from a 5.5% 30 year to a 3.75 15 year at a slightly lower balance than OP is trying to refinance. We had paid for 7 years on the 30 year. For slightly more money per month, we will be done 8 years sooner than we would have been before, just before first child heads to college. It made sense to me. We refi-ed our old house and took money out at the time and got a lower payment by staying with a 30 year. At that point, we needed the cash in our pocket. In other words, it depends on what you need and whether you can afford to lock the cash up in the house. We solved the cash lock up problem by opening a HELOC after the 2010 refi. We haven't needed to hit the HELOC. Good luck.[/quote]
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