Refinance or pay extra payments????

If you plan to sell in 2 or 3 years, I wouldn't do anything unless you need the monthly savings & you can recoup your costs in that amount of time. If you can, you should definately be able to do better than 5%. FHA rates are in the mid 4s for a 30 yr. fixed, low 4's for 15 yr. fixed, & high 3's for a 5/

You could do a no appraisal FHA streamline loan. The requirements on this type of loan are that the balance cannot exceed your existing balance. 5% is about right for the 30 Year. I could do 4.875% today. I would not do a 15 year since you want to sell in the next couple of years. You might want to consider a 5/1 ARM at 4%. Your interest and payment would stay the same for 5 year and then has the potential to go up (or down) according the market index but it can only adjust by 1% so even in year 6 you would be at or below market rates. The monthly payment on a 4% 5/1 ARM would be appx $940 (principal and interest only). Closing costs would be about the same - maybe less. If you are interested in talking with me and going over this in more depth, give me a call at 801.506.3133. Good luck, Linda Miller

It depends on the total cost, the addition to your principle, the amount you will be able to net after the home sells. If your monthly savings is "realized" within 12 months, and you wont sell for atleast 2-3years, then you might actually save money. But if lets say you have 6k in fees added to your principle balance, then the 190 a month will take 31 months to break even. Take your true closing costs and divide by monthly saving to determine your break even point.