Is it possible to take out a 40 year mortgage and then refinance to a 30 year 3 years later?
I know that a lot of people say that a 40-yr mortgage is not a good deal because you end up paying a lot of interest and the monthly payments are only slightly lower. But if that option was chosen anyway, would it be possible to refinance to a 30 year loan within the first five years so more equity can be paid in the house faster. In other words, is it necessary to keep the loan period to the 40 years even after refinancing? I would appreciate any help. Thanks
I am trying to refinance a second home that is an investment property. I do not intend to keep it for many more years and so 40 year refinancing made sense to me