Refinancing my home from a 30 year not to a 20 year note/Lower interest rate

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» Refinancing my home from a 30 year not to a 20 year note/Lower interest rate

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May 9, 2009, 10:47 PM

CHARTOH

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Join Date: Mar 2009

Posts: 4

Refinancing my home from a 30 year not to a 20 year note/Lower interest rate

Is it better to take a shorter mortgage term with a low interest rate? My interest rate on my home is 6.0% on a 30 year note,and my bank is offering me a 5.0 interest rate on a 20 year note. It sounds very good! Should I take it? Is there a down fall to having a second loan out there with out paying the first one off?

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