What do you think of refinancing my loan to a 40 year loan? I'm in need of cash flow.?

Posted: 31 Jan 2008 | Categories: Financial Help



SkyRaide…

Resolved Question

» What do you think of refinancing my loan to a 40 year loan? I'm in need of cash flow.? Current loan: fixed at 6.25% 30 years. Credit rating: fair. I want to lower my monthly payments. I know the longer span will result in more interest paid, but I need cash flow… I don't want to need to borrow money.

by Steve R

Best Answer -

Example $250000 for 30yr at 6.25% = 1539 payment today
$250000 for 40yr at 5.875% = 1479 payment
(40 yr best rate in NJ)
Difference $60 a month

$250000 for 30yr at 5.625% (current rate) = 1439 payment
Difference $100 a month

All these rates assume you have at least 20% in equity in your home.

Other Answers (10)

It may not be such a bad idea if you need the money. You need to research different lenders, with all the changes in the economy you may be able to get a lower rate.

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  • by robert w a 40 year loan refi. NO
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