Hi wuxingqi,
As you're planning to stay in the property for the next 5 years and if you can afford the mortgage payments as per the new payment plan, then you can refinance the mortgage. As you'll be staying in the property for a longer period of time, you will be able to offset your closing costs.
Thanks,
Jerry
As you're planning to stay in the property for the next 5 years and if you can afford the mortgage payments as per the new payment plan, then you can refinance the mortgage. As you'll be staying in the property for a longer period of time, you will be able to offset your closing costs.
Thanks,
Jerry
Hi wuxingqi03,
I think it all depends on your current loan. If your rate is fixed for the next 5 years and you don't plan on being in the home after 5 years then it doesn't really make sense to refi. In this case, you wouldn't save any money on your monthly payment so the costs to refi would be money flushed down the drain.
I think it all depends on your current loan. If your rate is fixed for the next 5 years and you don't plan on being in the home after 5 years then it doesn't really make sense to refi. In this case, you wouldn't save any money on your monthly payment so the costs to refi would be money flushed down the drain.