"Sometimes flexibility matters more than shaving off a few years..."
True, but I think it depends on your personal discipline too. We went with a 15-year because we knew we'd slack off otherwise. Tight sometimes, sure, but seeing that balance drop faster is pretty motivating...
"Tight sometimes, sure, but seeing that balance drop faster is pretty motivating..."
Totally get this. We went back and forth on refinancing to a shorter term too. Ended up sticking with the 30-year because we wanted breathing room in case life threw us a curveball (and it did, lol). But I definitely respect the discipline it takes to commit to the 15-year route. Watching that principal shrink quicker must feel awesome. Honestly, whatever keeps you motivated and fits your comfort zone is probably the right call. Sounds like you're on a solid track—nice job!
I see the appeal, but have you considered just making extra payments on your 30-year instead? That way you still chip away at principal faster, but if things get tight again (been there...), you're not locked into higher monthly payments. Just a thought.
That's a good point—extra payments can definitely give you flexibility. Have you looked into whether your current lender applies extra payments directly to principal automatically, or do you have to specify each time? Some lenders handle it differently, and knowing that upfront can save headaches later. Also, refinancing might still make sense if rates have dropped significantly since your original loan. Have you checked the current VA streamline rates lately? Could be worth a quick look just to compare numbers...
Good advice on checking how extra payments are applied. I've seen lenders handle this differently, and some can be surprisingly opaque about it. Refinancing can indeed make sense if rates have dropped significantly, but I'd caution against jumping in too quickly—closing costs and fees can sometimes offset the savings, especially if you're not planning to stay in the home long-term. Definitely worth crunching the numbers carefully before making a move...
