Re: Mortgage prepayment question

dapperdobbs wrote:

> If
> that is your preference, why not ask the mortgage company (you should
> definitely ask them before you write a check what will happpen) about
> refinancing into a shorter-term mortgage at the same time?

This is a good point not to be overlooked. The rate difference from a 
30yr fixed to a 15yr fixed is .5% or better. With OP's mortgage about 
6.7% from what I recall, a refinance may be in order. In any case, when 
one is on a prepayment track it makes sense to monitor where they stand 
in terms of principal, rate, and time remaining, as there's often a 
tipping point, where you might jump from having 18 years remaining (on 
the 30yr mort) to a new 15 at a lower rate with a payment no higher than 
before the refi. Just something to ponder.
Joe

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