Mortgage refinancing vs home equity loan?

I have a mortgage balance of $75000 to payoff, 8 years remaining.
Would it product sense to take a 15 year home equity loan to pay it past its sell-by date and reduce my monthly payment? My other opportunity is to refinance to 15 year term from current APR of 6 % to a new APR of 5% beside a closing cost of $2500
Answers:
You are on the home stretch, you're just paying principle now. A refi of any nature does not make sense... UNLESS you NEED to do a refi to make the monthly costs lower. If that is the case, simply bite the bullet and get the best deal you can. You could even look at getting a 30 year and newly know you plan to pay it off surrounded by 10 or 15 years on your own. Ask for all your options.

jill
jt(a)firstmmc.com Source(s): Loan Specialist beside 10 years in the industry. : )

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