Should I refinance for 25 years or for the remaining term of my original loan?
We are considering refinancing our mortgage for an interest rate that is 2% lower than our current one. The mortgage company will allow us to refinance for either 300 months (25-years), or for the remaining term of our original 30-year loan (324 months).
Refinancing for 25-years will shave 2 years off the back of our mortgage and save us a little each month. Refinancing for the remaining term will save us more each month, which would be really nice.
Which option do you think is best?
The mortgage is a fixed rate. We do not have a car note, but we do have a good amount of student loan debt.