Absolutely. You will pay off the loan much faster and will have paid less interest by the time the loan balance reaches zero.
Hi kmeeks!
Welcome to forums!
How long do you plan to stay in the property? If you plan to stay for around 5-8 years, then it's a good idea to refinance the mortgage. With an interest rate of 4.35%, your monthly payments would be reduced which will help you in recovering the closing costs that you'll be paying now.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
How long do you plan to stay in the property? If you plan to stay for around 5-8 years, then it's a good idea to refinance the mortgage. With an interest rate of 4.35%, your monthly payments would be reduced which will help you in recovering the closing costs that you'll be paying now.
Feel free to ask if you have further queries.
Sussane
yes it is a good idea.
consider following before calculating break even:
Refinancing costs
Prepayment penalty
Impact on taxation
consider following before calculating break even:
Refinancing costs
Prepayment penalty
Impact on taxation
kmeeks
Use soem of the mortgage calcualtors and you will be able to find out how much you will save or lose.
Good luck and feel free to ask
Use soem of the mortgage calcualtors and you will be able to find out how much you will save or lose.
Good luck and feel free to ask