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Refinance Opinions
Posted on 7/14/10 at 2:18 pm
Posted on 7/14/10 at 2:18 pm
Just called my mortgage lender, for curiosity sake to ask about refinancing options. They told me they could drop me from 6.25% to 5% which would lower my payments by about $100 a month. In addition, they would roll the $3000 fee into my current loan, and I would only be out of pocket about $20.
My first thoughts were it sounded great, but I think I'm only going to be in that house 3-5 more years (ideally) so I'm thinking it might not be worth it.
Thoughts?
FWIW, I have no problems making my currently monthly payments so saving $100 a month won't make or break me.
My first thoughts were it sounded great, but I think I'm only going to be in that house 3-5 more years (ideally) so I'm thinking it might not be worth it.
Thoughts?
FWIW, I have no problems making my currently monthly payments so saving $100 a month won't make or break me.
1
Posted on 7/14/10 at 2:54 pm to Glock17
Well without having all the hard numbers we can't give you a full analysis. But based on what you said you'd save $100 a month but it will cost you $3000 to do so. So it will take you (3000/100) 30 months to start making/saving money off of this. As long as you stay in the house 30+ months it would be a good deal.
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