National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Sometimes the best thing to do is both. Refi into the lower rate and continue to make your current payment. In that way, you (electively) keep your payment the same, but more of your dollars go towards your principal balance. Certainly mind the cost and rate on the new transaction, but when I can help a client achieve the above, it almost always ends up being a win-win, and ends up making sense in both long- and short-term perspectives.
If you would like me to help you accomplish this goal, just get in touch!