Refinance To Beat The Rate

Kevin has an unusual loan arrangement and wonders if he should get out of it.

QUESTION: Kevin refinanced his house 3 years ago with an interest-only loan. It’s at 6.25% for the first 10 years, but then goes up for the final 20 years. Should he refinance? In a heartbeat, Dave says.

ANSWER: Yes, refinance and get rid of that thing. Even if it’s locked for 10 years, refinance it. Get a 15-year fixed rate where the payments are no more than a quarter of your take-home pay. Keep moving toward debt freedom.

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