I read this good advice from Dear Penny. It just re-affirmed that I stumbled upon the right choice some years back when I decided to pay a large amount (from an inheritance) on my mortgage to have it “re-casted” rather than refinanced. It lowered the mortgage payment to an absurdly lower payment until it was paid off. I wish I had been a part of Penny Hoarder back then.
Dear Penny's topic Oct 19: Dear Penny: Does It Ever Make Sense to Refinance at a Higher Interest Rate?
I have never heard of this before reading that article. Sounds like a great idea!
For those who want to read it, here’s a link to the @dear.penny article: https://www.thepennyhoarder.co…igher-interest-rate/