We also wanted to give ourselves more wiggle room in our budget by lowering our monthly mortgage payment in case either of us lost our income.
We were able to refinance to a new 3.4% 30-year loan to save $150 a month and more than $30,000 over the life of the loan.
Why we decided to refinance nowWe bought our house in April 2017, using a 30-year mortgage at 4.4%.
We decided to refinance not only to take advantage of lower mortgage refinance rates, but also as a precaution.
A lower monthly mortgage payment gives us some flexibility and more cash flow if we find ourselves with less money coming in.
Organizations:
Finance, Service
Locations:
Wall, Silicon, United States