Posted on: 24th Apr, 2013 12:35 am
I currently have an FHA loan with an interest rate of 5.25%. I now have 20% equity in my property. I want to sell off my property within the next 10-15 months. I am considering refinancing to a 15 year fixed at about 2.75-2.85% with no points. I'm not sure what additional closing costs there will be, but is this worth it for a year?
Hi Barris!
Welcome to the forums!
I agree with what James has said. It won't be a good idea to refinance now. Moreover, if you pay closing costs for refinance, you won't be able to offset that amount in the short span of time for which you will be living in the property.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
I agree with what James has said. It won't be a good idea to refinance now. Moreover, if you pay closing costs for refinance, you won't be able to offset that amount in the short span of time for which you will be living in the property.
Feel free to ask if you've further queries.
Sussane