Posted on: 17th Jan, 2012 09:02 am
should i refinance at 4.125% from a 5.875% loan, if i can save 112.00 a month on at no closing, no processing and no appraisal fees at all. only 4 years into a 30 year mortgage? please i need to know today....gator
If you are not paying points, or other fees, and you are only 4 yr into the mortgage, saving over $100 a month is a good option. Not only are you saving every month in your mortgage payments, but you will save thousands over the life of the loan in interest savings.
Welcome gator,
I agree with Chris. It will be a good option for you to refinance your mortgage as you won't be liable for paying any closing, processing and appraisal fees. However, before signing on the dotted lines, you should read through the loan agreement carefully so that you don't miss out on the important clauses which might come out as a surprise later on.
I agree with Chris. It will be a good option for you to refinance your mortgage as you won't be liable for paying any closing, processing and appraisal fees. However, before signing on the dotted lines, you should read through the loan agreement carefully so that you don't miss out on the important clauses which might come out as a surprise later on.
Thanks Chris and Adonis for responding. I had thought it would be a great move, but just wanted a second opinion when making a financial decision this early into my mortgage.