Mortgage Forum
Refinance to longer mortgage term?
This is a topic titled Refinance to longer mortgage term? made in the Mortgage Talk section, belongs to our Mortgage Chat category; Would it be a wise decision to refinance to a much longer mortgage term in order to reduce monthly payments? I have a 25 year mortgage term with a reasonable ...
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| Members List | Search | Today's Posts | Mark Read |
May 20th, 2008, 10:43 AM
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| Junior Member Registered: May 2008
Posts: 3
|  Refinance to longer mortgage term? Would it be a wise decision to refinance to a much longer mortgage term in order to reduce monthly payments? I have a 25 year mortgage term with a reasonable rate. I am buying a new car, and it got me to wondering. What if I refinanced to a 30 or even 40 year mortgage at a comparable or even lower rate? Is there a tax benefit? I can and will save more if I lower my monthly payment considerably, but can you foresee any negatives to lowering my payments and extending the mortgage duration? |
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