I have been paying down my mortgage aggressively. I want the freedom to own my home. Thoughts on this -?

I am 42 and my husband is 46. We do not "sacrifice" but are careful. Our current outstanding mortgage is $160,000. We started with $346,000 almost 4 years ago, but have been paying it down. Our interest is 4% but it is an adjustable that may jump to 6% in April of 2009. Is there a way to refinance and lower my payments so that we may pay off our home sooner, and so that we may be able to afford college without struggling?

Asked By: PB - 12/9/2007
Best Answer - Chosen by Asker
If the true value of the home, based on a hard appraisal and not a quesstimate, then you are at about 46% loan to value! Great job! Have you ever calclauted your APR to see how much money you did save by applying additional payments... More
Answered By: dkrg04 - 12/9/2007
Additional Answers (3)
Talk to your Bank manager
Answered By: jennifer h - 12/9/2007
You are not going to get any better that what you have. Keep doing what you are doing and when your rate adjusts in 2009, look at the rates offered at that time. If you can refi and get at least a point better at that time, do the math of the closing costs vs the time left on your mortgage and see if it makes sense.
Answered By: Gregorio - 12/9/2007
If you're going to keep paying down the loan at the same pace, I wouldn't refi... More
Answered By: Philly Broker - 12/9/2007
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