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(D. Gerasimatos) wrote in message ...
In article ,
Bill Seurer Bill_AT_seurer.net wrote:

With only 3 years left on the loan why are you considering refinancing
at all?

I agree. The real struggle will be paying the balloon. If you can do that
then don't worry about it unless the amount financed is very large (and
hence the interest savings is large).

Agree. The OP said paying the balloon payment in 2006 was no problem,
so I'd just plan to do that, not get into a new mortgage.

If the OP can make extra payments now, that should save money by
reducing the amount of money spent on interest. I assume that would
also make the balloon payment smaller also.

What would I do? Pay extra on the existing mortgage at every chance,
then pay off the balloon payment in 2006, and have no mortgage at all.

The home-equity line of credit has another problem for me: it'll be
tempting to use it pay for other things, thus increasing the debt and
making it harder to get out of debt.