Posted on: 02nd Jan, 2010 08:17 am
my first mortgage balance is $168k at 6% (30 years taken in 2003) and home equity balance is $47k at 5%, for a total of $215k. i might sell in 6 months but i'm not sure yet. if i stay i definitely want to refinance into one mortgage. my question is how do i estimate closing costs to decide whether refinancing is worth doing if i sell in 6 months.
at present rates are in the range of 5%. secondly you may sell it in another 6 months. seeing the second possiblity there is no point in going for refinance. for a shorter period it will be like a additional cost
I would not recommend a refinance. However, you can find an estimate of closing costs here on this forum by doing a search in the upper right hand corner or you can also review them HERE ("http://www.dreamhomefinancing.com/ClosingCosts.aspx")
[Link deactivated as per forum rules. Thanks.]
[Link deactivated as per forum rules. Thanks.]
agreed...if you plan to sell in a short period of time, it's not worth your trouble to refinance, no matter what closing costs would be.
