Posted on: 29th Jul, 2010 12:20 pm
we owe $25,000 on our current mortgage at a rate of 6.25% and we have been paying $200 additional each month to pay off the principal and probably will be through in the next 2-3 years. we do have enough cash to just pay off, but have not done that.
should we refinance at a lower rate if we can find someone willing to work with us at a no cost to refinance, or continue to pay off over the next 2-3 years. please advise.
should we refinance at a lower rate if we can find someone willing to work with us at a no cost to refinance, or continue to pay off over the next 2-3 years. please advise.
Hi bterrett,
If you're planning to stay in the property for a longer period of time, then it would be a good option to refinance your mortgage. However, you should have equity in your property if you wish to refinance your current mortgage. If you have equity in your property, then you can go ahead and refinance your home loan. But, you should note that there are not many lenders who would offer you a no-cost refinancing. Most lenders will be charging you closing costs.
Thanks
If you're planning to stay in the property for a longer period of time, then it would be a good option to refinance your mortgage. However, you should have equity in your property if you wish to refinance your current mortgage. If you have equity in your property, then you can go ahead and refinance your home loan. But, you should note that there are not many lenders who would offer you a no-cost refinancing. Most lenders will be charging you closing costs.
Thanks