In order to refinance a $50K loan amount it will cost you a bundle to even get market rates since the additional fees cannot be absorbed as easily and are not necessarily less for smaller loan amounts.
This is a fairly easy decision to not refinance.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing
You probably are not enjoying much of a tax deduction; and this could be important.
Is having a paid-off house important to you?
Are you planning on staying there forever?
Do you need some cash?
like I said; many considerations:
you should sit down with a tax advisor/financial specialists;
many people would like to be in your position.