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Posted: 10/3/2014 12:55:23 AM EST
Oh arfcom... here is my first life advice seeking post..

Current status:

Bought a new home in 2003. Credit was not good but as many of you know.. they would finance anyone back then.
Original mortgage was a 2 year ARM.
Refinanced after 2 years to a fixed 30 @ 7%.. credit was still not the greatest at the time.. but I was glad to get out of the ARM before the first reset. I got lucky, did not get trapped like so many.

So here we are, late 2014. Credit is much better. Household income is much better (over 100k). Wife and I are in our low 40s. One daughter.. just started college this fall.

I have 20 years left on the current mortgage.

Given the low rates.. and the uncertainty on how long they will stay low I have two choices. We can sell the current home and "upgrade" to a nicer home/neighborhood or refinance the current mortgage to lower the rate.

Right now I'm thinking we just stay and refinance to a 15 year mortgage. The neighborhood is still nice/quiet and I live just 10 mins from work. No itch to move. If we do sell we would need to make some repairs to the house.

So, what do you guys think? Am I missing something?

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