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mortgage refinancing vs home equity loan?

I have a mortgage balance of $75000 to payoff, 8 years remaining.

Would it make sense to take a 15 year home equity loan to pay it off and reduce my monthly payment? My other option is to refinance to 15 year term from current APR of 6 % to a new APR of 5% with a closing cost of $2500

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One Response to "mortgage refinancing vs home equity loan?"

  1. Jill says:
    You are on the home stretch, you’re just paying principle now. A refi of any kind does not make sense… UNLESS you NEED to do a refi to make the monthly payment lower. If that is the case, just bite the bullet and get the best deal you can. You could even look at getting a 30 year and just know you plan to pay it off in 10 or 15 years on your own. Ask for all your options.

    jill
    jt@firstmmc.com

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