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Started By
Message
Another Refi question
Posted on 10/10/12 at 2:36 pm
Posted on 10/10/12 at 2:36 pm
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
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
2
Posted on 10/10/12 at 2:44 pm to gsvar2004
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.
Posted on 10/10/12 at 3:06 pm to gsvar2004
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.
Posted on 10/10/12 at 3:09 pm to hawkeye007
thanks hawkeye i figured as much.
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