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re: UPDATE Contacted today about refinancing my home from my Mortgage Company
Posted on 3/26/15 at 3:38 pm to burgeman
Posted on 3/26/15 at 3:38 pm to burgeman
It all depends on how long you live in the house. In order for it to be a good deal for you, you need to stay in the house long enough for the $73/month you are saving to overcome the increase in principal of the loan (these are really closing costs rolled into the loan).
If you stayed for 30 years, you will save $20K or so by doing the refi, but if you sell in 2 years, you are better of staying with what you have.
If you stayed for 30 years, you will save $20K or so by doing the refi, but if you sell in 2 years, you are better of staying with what you have.
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