I am currently in the process of refinancing a property into a 15 year loan. Yesterday I spoke with my real estate agent and she brought up something I hadn't thought of before. She suggested that I refinance into a 30 year loan and pay it every month with the amount I would've paid on a 15 year. That way, my payments will "look" lower when/if I go to buy another property.
My question is this, I am well into the process with the 15 year loan and will probably be closing within a few weeks. Is it ok if I contact the company I'm going through and ask them to change to a 30 year loan? I'm guessing they'd have to start the whole process over which will prolong the closing date but is changing the terms of the loan something they can do?
Here's my problem with that advice....it depends on your fortitude to pay over the minimum consistently for several years. If the goal is to be free from the mortgage, go with the 15 year. If the goal is to free up more cash each month, go with the 30. Money is pretty cheap right now (low interest rates) so I think those are the only real considerations. The lender can do whatever you want them to do. I promise that you're not the first person to make such a request. It's really not that much rework, though that's pure speculation.