Reply to 15 year vs. 30 year mortgage

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[quote=Anonymous]Reviving this old thread . . .

Currently thinking about refi-ing from a 30 yr fixed to a 15 yr fixed.  Our 30 year (result of a refi last year) is at 4.375%.  We could refi now to a new 30 yr fixed @ 3.5 or a 15 yr fixed @ 2.625.

We're pondering whether to refi to a 30 yr and then prepay on mortage as if it were a 15 yr.  While paying a slightly higher rate, this would give us the flexibility of a lower payment if ever we needed that flexibility somewhere down the road.  Or should we refi to the lowest rate possible (15 yr) and forego the flexibility.

The other thing is that we are really on the fence about whether we will stay in our house for the long term.  We will stay at least 3 years.  We may stay for the long haul, but really not sure about that.

Our jobs/salaries are currently stable and no expectations that will change anytime soon.  We can afford the higher 15 yr payment.  (In fact, I don't think we'll notice the higher payment since the difference is less than our daughter's preschool tuition, and she will be done in June, starting public K in the fall).[/quote]

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