Posted on: 27th Jun, 2010 07:59 pm
we currently have an interest rate at 5.0 %. our principle balance is now 71,208. this is a fixed rate 15yr
loan. i saw a current new refinancing rate at 4.125 (15 year loan), also fixed rate with a $397.00 refinancing fee. in your opinion would you suggest us to refinance at this rate? house is valued @ $380,000- $400,000
loan. i saw a current new refinancing rate at 4.125 (15 year loan), also fixed rate with a $397.00 refinancing fee. in your opinion would you suggest us to refinance at this rate? house is valued @ $380,000- $400,000
How many years do you have left on your current mortgage?
4 1/2 years
Assuming the person that answered with "4 1/2 years", is the same person that asked the question; Then, absolutely NO you should not refinance. Your payments now are heavily weighted to principal and starting over now would cost you significantly. Don't be lured by low rates in your situation, you need to look at the hard numbers and refinancing now would be the most irresponsible financial move ever. Don't let anyone talk you into refinancing! Pay extra principal to effectively reduce your rate and an early payoff if that's your goal.
Have I mentioned that you should NOT refinance?
Have I mentioned that you should NOT refinance?