Posted on: 14th May, 2009 10:51 am
my bank told me if i refinance that i would save 100 a month. im already 4 years into my 30 year loan.
Hi Cathya, Well its really up to you. You will save 1200 a year. 100 to me doesnt seem to good of a deal as your already into your loan 4 years. It just really depends on you.
The deciding factor will be how long it will take to break even against your closing costs vs how long you plan to be in the home. For example, if you save $100 per month and your closing costs are $4,000, then it would take 3 1/3 years before you break even. So, if you plan to be in the home for the next 5-10 years then it would make sense to do it.
Hi, Well i called the bank and they said to complete all paper work and closing costs would be about 6700. So i think yea gary it wouldnt be that good of a deal. Thanks gary and eric.
HI Cathaya, No problem. If you dont like the deal then in no way take it. Have you tried to ask them for a better rate/deal? Thanks.
Have you checkd with otehr banks for erefinace and see they offer better rates and terms.
Looks like you have some equity in the house, which is good for refinancign at this time, in this market. But all depends on the end result, when you pay it off compltely.
Also plan based on your plan on how long you are plannign to stay in that house and make calcualtions. Lot of poeple tend to sell the house after 5 - 10 years.
Looks like you have some equity in the house, which is good for refinancign at this time, in this market. But all depends on the end result, when you pay it off compltely.
Also plan based on your plan on how long you are plannign to stay in that house and make calcualtions. Lot of poeple tend to sell the house after 5 - 10 years.