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by CareyBot

"I have a recently purchased home with a $180,000 mortgage for 15 years at 4.63 percent. My new investment advisor suggests refinancing into a new 30-year mortgage at 5.85 percent to 6 percent, and investing the difference in payment. He says this will allow us to retire sooner. I am 61 and was planning on retiring at 66. I understand his argument, but I hate to give up the ultra low 4.6 percent interest rate and the peace of mind of paying off the house sooner." Your investment advisor is either an idiot or a scoundrel. He is a scoundrel if the new loan he wants to put you into is one in which he has a financial interest. On a $180,000 loan, the monthly payment at 5.85 percent for 30 years is about $327 less than at 4.63 percent for 15 years. Extending the term to 30 years reduces the pa...