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Should I refinance my home?
Posted on 3/31/16 at 7:43 pm
Posted on 3/31/16 at 7:43 pm
Currently have a 30 yr mortgage at 4.20% interest rate. My wife and I have been in the house for a year and will probably be here for another 3. Currently I pay $350 extra on principle a month.
Question is should I refinance to a 15 year and get a lower interest rate even though we only plan to be in the house for 3 more years?
Question is should I refinance to a 15 year and get a lower interest rate even though we only plan to be in the house for 3 more years?
2
Posted on 3/31/16 at 7:46 pm to tigerbaiter1033
I wouldn't
Posted on 3/31/16 at 7:53 pm to PeteRose
You would probably break even around 2 or 3 years. I guess it really depends on how sure you are that you will move in 3 years.
Posted on 4/1/16 at 11:43 am to LSU1018
Rates are really low.
Some lenders are pretty paying for all the costs associated with a refinance.
One of my buddies just refinanced at a 15 year for 2.875 15 years with 3k lender credits.
Some lenders are pretty paying for all the costs associated with a refinance.
One of my buddies just refinanced at a 15 year for 2.875 15 years with 3k lender credits.
Posted on 4/1/16 at 1:53 pm to tigerbaiter1033
Refi to a 5/1 ARM Interest Only
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