Frances, I have looked at 5 options for you. It does not appear that you could choose a mortgage term with our current rates, that would end up costing you less then your blended 4.84% mortgage. I looked at options using 3.29% for 3 years, and 3.69% for 5 years. If anyone tells you otherwise, I would highly suggest having me give you a second opinion on the savings before going forward with any other mortgage offer. The only way I would not take the 4.84% blended is... A) You plan on staying in the home for a long period of time, and would want the security of having a 10 year mortgage at 5.2% B) You currently have the need to open up your budget, and would benefit from an 3 yr apx. $1,050 monthly mortgage payment. ( But you will pay more in interest for either the protection or lower budget options )
Please feel free to email directly anytime.
Thanks, Cory