Posted on: 09th Nov, 2010 04:31 pm
Considering refinancing, however not sure if worthwhile. Owe $68,000, currently have 30yr 5.875%, considering 15yr at 4.25%, however, the catch is that we plan on selling in 6-7 years, for sure. Worth it to refi?
hi guest,
do you have equity in your property? if yes, then you can apply for a mortgage refinance in order to take advantage of the lower rates prevailing in the market. however, you should check out whether or not you can afford to pay the closing costs. as you'll be staying in the property for the next 6-7 years, you'll be able to offset the closing costs.
thanks
do you have equity in your property? if yes, then you can apply for a mortgage refinance in order to take advantage of the lower rates prevailing in the market. however, you should check out whether or not you can afford to pay the closing costs. as you'll be staying in the property for the next 6-7 years, you'll be able to offset the closing costs.
thanks
It is not worthwhile, IMO, in your case, since the loan is so small, the closing cost will become unreasonably high compare to your current loan balance.