I refinanced about $80k worth of student debt in winter/spring of 2018, at a 6.5% rate over 20 years.
Rates have dropped and it appears I can halve my previous rate and save myself $200/month.
Is there any reason I shouldn't refinance again? Other than having a hard inquiry on my CR, is there some penalty I'm overlooking?
Yes, I understand I will be lengthening my term by going with a 20 year loan again, but saving a bit on interest.
OR does it make more sense to refi at the lower rate but lessen the term to 10 or 15 years and save some money overall with an even further reduced interest rate, but with similar or slightly high monthly payment than my current one?
Thanks
Submitted October 16, 2020 at 06:57PM by hellokitty694201984 https://ift.tt/2T84ma9
