Posted on: 22nd Nov, 2010 05:46 pm
does it make sense to refinance my mortgage if my husband and i plan on getting a new house together, hopefully, within one-two years?
Hi Guest!
Welcome to forums!
As you will be buying a new house within 1-2 years, it doesn't make sense to refinance your existing mortgage. You won't be able to offset the closing costs that you will be paying while you refinance the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you will be buying a new house within 1-2 years, it doesn't make sense to refinance your existing mortgage. You won't be able to offset the closing costs that you will be paying while you refinance the mortgage.
Feel free to ask if you've further queries.
Sussane
Probably not, but, it really depends on your current rate, the size of the loan and costs to refinance.
In many cases the break even time is 12 months or less. In such a case, it could make sense.
Without knowing any of the particulars, the higher your current rate and the larger the mortgage, the more sense it could make.
When you talk about buying a new house, I assume you will be selling the present home.
In many cases the break even time is 12 months or less. In such a case, it could make sense.
Without knowing any of the particulars, the higher your current rate and the larger the mortgage, the more sense it could make.
When you talk about buying a new house, I assume you will be selling the present home.
