Posted on: 22nd Sep, 2010 09:30 am
need help.
i refinanced a year ago from 30 to 15 year. i paid one year with the interest rate 4.375%. my current loan amount is about $390,000. should i refinance the loan again with 3.75%? i plan to stay in this house 10 or more years. what are the benefits of refinancing the loan with 3.75% or i should stay in the current loan and continue to pay another 14 years?
please advice.
i refinanced a year ago from 30 to 15 year. i paid one year with the interest rate 4.375%. my current loan amount is about $390,000. should i refinance the loan again with 3.75%? i plan to stay in this house 10 or more years. what are the benefits of refinancing the loan with 3.75% or i should stay in the current loan and continue to pay another 14 years?
please advice.
Hi clu,
When you refinance the mortgage, you'll be liable for the closing costs. If you can afford to pay the closing costs and plan to stay in the property for around 5-8 years then it will be a good option to refinance the mortgage. If you stay for a longer period of time in your property, it will help you in offsetting the closing costs.
Take care.
When you refinance the mortgage, you'll be liable for the closing costs. If you can afford to pay the closing costs and plan to stay in the property for around 5-8 years then it will be a good option to refinance the mortgage. If you stay for a longer period of time in your property, it will help you in offsetting the closing costs.
Take care.