Should I refi ??? Any thoughts thanks (vents, appraisal, 5%, mortgage)

[westchester]

I live in ny. I have a 15 yr mortgage w only 9 years left this January. my rate now is 5% I owe 275 k I also owe 80k on a heloc my house is worth 900k. Right now a 15yr is at 3.57%.. So should u refi. I do not plan on moving in the next 15 years. Thanks for your thoughts.

[Narfcake]

This is more a mortgage question (in which there is a proper forum for that), but the best answer is to run the numbers. Since you only have 9 years left, see if a 10 year loan would work instead of a 15, which usually has an even lower interest rate.

Just keep in mind that qualifying is a lot stricter these days ... full docs, good ratios, impeccable credit, etc.

[Modification Specialist]

I am in a similar situation, current 4.5% fix, two years ago refinance into 20yr . Been sending extra into the principle. Have been up on many current events with what the Fed is doing.

I believe the best time to refinance is going to be the start of the year, when the 30yr fix rate drops below 4%, expecting the 15yr to be around 3.15% to 3.25%

Additionally - if you are concerning with closing costs causing your priciple to go up. Stay with your same Lender and ask them for a Streamline Refinance. Last time I refied - total closing close were around $955 (including the appraisal).

my $00.02