Posted on: 12th Sep, 2011 05:57 pm
is is beneficial to refinance a mortgage that is currently at 5.375% to 3.9% if i only plan on keeping the house for another 3 to 4 years?
Hi Guest!
Welcome to forums!
As you will be staying in the property for the next 3-4 years, I think it will be a good option to refinance the loan as the interest rate offered to you in quite low. However, you should know that when you refinance your mortgage, you will be liable for paying the closing costs. If you can afford to pay the closing costs, then you can definitely go for a mortgage refinance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you will be staying in the property for the next 3-4 years, I think it will be a good option to refinance the loan as the interest rate offered to you in quite low. However, you should know that when you refinance your mortgage, you will be liable for paying the closing costs. If you can afford to pay the closing costs, then you can definitely go for a mortgage refinance.
Feel free to ask if you've further queries.
Sussane
Hi guest!
There are a lot of misconceptions that are floating around when it comes to being able to get a mortgage after a short sale or foreclosure. I figured it would be great to have a nice reference for consumers to have a better understanding of some of the credit issues with short sales.
There are a lot of misconceptions that are floating around when it comes to being able to get a mortgage after a short sale or foreclosure. I figured it would be great to have a nice reference for consumers to have a better understanding of some of the credit issues with short sales.
You would need to do the math, and figure the break even point. If you save 300 a month and the loan charges are 3,000 then it will take you 10 mos to recover the money you spent to close the loan. It would make sense. If your break even is longer or close to the time when you think you would sell this house, it really doesnt make sense, unless you really just need the immediate savings now, and will take the loss at the sale of the home. good luck!
