Unless the interest rate is drastically decreased at which you could refinance at a 15 year mortgage

Gotta do the ammeration to see if it cost effective. Won't know unless you do the math.

Assuming you refi for the lower rate, just continue paying the same $ you were before and you’ll pay it off by the original date

We refinanced a 30 year with 22 years left to a 20 year.

Everyone talking about reduce to a 20 year or a 15… the time don’t matter how much are you paying? And how much is interest and lastly how much have you already paid!

Why is everything a "scam" these days? People seem to like to call things that they haphazardly jump into and do (and don't take the time to understand) a "scam". Just another way to play victim. There are lots of positives in refinancing... assuming you take the time to learn and understand them. Nobody is forcing you to refinance. If you don't want your amortization to reset... don't refinance. 🤷‍♂️

Please don’t give financial advice.

My parents refinanced to lower their monthly payment to an amount they could afford so that we didn’t lose our house… I’m not sure what place of privilege the other people in the comments are coming from, but that’s my experience with refinancing.

So…unless you sign up for a really ridiculous plan that doesn’t allow early payment, you can put more than the minimum toward your mortgage each month and pay it off early. If you had 15 years left of a 30 year mortgage and refi for a lower interest rate, just pay enough principal to still have 15 years left. You could even pay it off sooner because less money is going toward interest.

Wow 🤦🤦🤦