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See what's happening with home values in more than 400 metropolitan areas with HSH's Home Value Tracker, just updated though the second quarter of 2022.

See what's happening with home values in more than 400 metropolitan areas with HSH's Home Value Tracker, just updated though the second quarter of 2022.

We've got a six-year old mortgage. Should we refinance?

Q: We have 30-year FRM at 6.25% from 2004. The remaining balance is $123,000, while the value of our home is $220,000. We have excellent credit. Should we refinance?

A: Yes! You are a good candidate for refinancing. However, you should probably look at loan terms shorter than a 30-year term, which will see you re-start the "amortization clock" all over again. To lock in savings, consider a 20-year or even 15-year mortgage term instead; your monthly payment will only decline slightly (or perhaps not at all) but you will carve anywhere from four to nine years off your mortgage, saving a bundle of interest in the long haul. Of course, if improving your cash-flow is more important, a new 30-year term would work for you.


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