No closing costs on refinance?
I just got an offer to refinance from 3.5% to 2.625% from 30 years to a 20 year term. I still have $300k unpaid principal and will end up paying $106 more each month if I refinance but pay off 3 years earlier. The offer includes a no out of pocket closing cost but I know that nothing is “free” right? If I pay off early I can make decent money on stocks or any other investment. Is this a good decision? by ijackson665 from The Lakes, Nevada. Dec 15th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The "Should I refinance" decision will vary greatly based on your individual situation, along with your wants, needs, and goals. Only you can answer if it is a good decision for you. But generally speaking, the drop in both rate and term is a smart move as long as you are comfortable with the new payment. I lend in MN WI IA ND SD. I can be found at MNBestRates.com - Cambria Mortgage, NMLS 274132
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