Reply to Sad, just had to cease contributions to my 401K in order to budget in daycare costs for new baby :(

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]

We've talked about refinancing our mortgage (we can't refinance our mountain land though, I've looked into it and I can't find a company that will refinance it since it is only land and no house).  It's a 15 year mortgage that we are into our 6th year of, so we are paying less interest.  This is definitely something I'd like to discuss with a financial adviser though.
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What is your rate? do you have enough equity to refi your home?
I don't think 15 y mortgage is the best option for you right now. You have high mandatory payments while your DH income fluctuates a lot. I make sense to refi for 30 y loan, and make additional payments when his income is higher than usual, and keep regular payment schedule otherwise.
It would free up some cash, and you can keep your retirement contributions.
Just my 2 c
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+1.  Best advice yet[/quote]

How is it a good idea to refinance a 9 year mortgage to 30 years?[/quote]

Um, when you can't afford your mortgage payment!!!![/quote]

Right. But she can afford the payment, just not pay,pm ent + xy and z. It would be CRAZY to refinance with only nine years left.[/quote]

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