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gsvar2004
LSU Fan
Deep in the woods
Member since Nov 2007
1255 posts

Another Refi question

i am wanting to see about advice on refinancing my mortgage.

Current scenario- loan balance 145000 at 5%, however wanting to sell my house asap but not currently on the market.

the problem with selling is that after i bought my house in a under construction neighborhood the original owner of the neighborhood sold about 30 avail lots to a builder who was building new construction homes in the 120s when the original 10 or so was upper 150s so im worried my house decrease in value/may not sell at what i would ask quickly.

so my question is should i refi and save anywhere (if my calculations are correct) 150-175 per month for the next 1 to 1.5 years or ride out my current mortgage until i am able to sell?

also i am worried also that if i refi and my house does sell quicker than expected will my credit take a negative effect and prevent the 2nd loan?

sorry for the long post. thanks for your help




OnTheBrink
Alabama Fan
TN
Member since Mar 2012
4669 posts

re: Another Refi question
quote:

150-175 per month for the next 1 to 1.5 years


150 x 16 months = $2,400

Most, if not all, refi's will have origination and closing cost fees greater than that making it appear to be not that great of a move.


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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
2080 posts

re: Another Refi question
a refi would be a bad idea if plan to sell in under 5 years. you would be lucky to find closing cost under 3k.


gsvar2004
LSU Fan
Deep in the woods
Member since Nov 2007
1255 posts

re: Another Refi question
thanks hawkeye i figured as much.



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