You would be far better off if you did one of two things with your $500. It is possible that for about the same payment you will get on your 30-year refinance PLUS the $500 a month saving, that you could get a 15 year mortgage with a payment close to your current payment and save a bundle over the life of the
real estate Breckenridge loan. The other option would to pay the $500 a month savings as extra principle each month and you will pay-off your loan in 2022 rather than 2039. You obviously have the ability to make the same payment as you have been making, so why not do it and save tens of thousands of dollars?
I would suggest staying with 30 yr fix, instead of 15 yr. That allows you the lower payment in case you run into some trouble where the low payment is good. If you do 15 yrs, you're stuck at a higher payment. Use part of the $500 to pay down the principal and shore up your emergency fund. doing a fixed 30 yr gives you the leeway in case of any unforeseen issues.
Breckenridge real estate
with that, i got approved for a 4.25% with 2 points and some fees...rolling it over to the loan. the points may sound high, but because of such a low rate, in 10 yrs, my principal balance would be the same as if I went with a 5% no points. I save on the interest paid big time.
I was able to refi because my equity is just at 20%...so this probably be the last time i refi for awhile