Refinance now?

You can get a lower interest rate than you are paying currently.That would be reason enough to refinance before interest rates increase further.

Hi Katty,

As you will be putting your property in the market for sale within few months, it won't be a good option to refinance now. The refinance will lead to closing costs which can be huge and you won't be able to offset it within few months.

Take care

The message from sara doesn't make sense. Seriously, your current rate is way too high - 7.2%. Depending on your circumstances, its worth exploring no-cost refinancing options at any time. Sure you may have to settle for a small rate higher than the one where you have to pay a closing cost - but at current rates, I think there is a very good chance you could be paying < 4% if you refinance for an ARM depending on your credit score.

The point I am making is , check the rate with a broker for no closing cost option and then take it from there. I expected a bit more responsible reply from a moderator and not make assumptions about who pays for closing costs.

I don't think that going for refinance the mortgage will be a good idea when you are going to put your property in the market for sale. What if the closing cost is high? So, it is better not to go for refinance.

Refinancing will certainly be a better idea as you're paying a huge amount as interest rates. But ensure that you'll be able to pay off the closing costs.

Yes, you can opt for refinancing only if you get lower rates than what you're paying now.