Should I refinance if I'm thinking about moving soon?

Hi William?My suggestion would be to do a no closing cost loan. (meaning that I as the lender would credit all your closing costs back to you) If a loan structured like this lowers your payments then you don't lose anything even if you sell the house in just a few months. If you pay closing costs, you are correct to be concerned that you may end up losing that money by selling quickly.Good luck and contact me if you wish more info.Robert HansonWest Town Savings Bank240-752-7549

William, I would suggest that we run a couple of scenarios to see which best suits your needs. The no closing cost option as the lender before me suggested, and a normal refinance option which would actually be a better rate scenario. Even under that scenario, if we time it right, you would be able to skip at least one payment and possibly two payments which would more than likely save you enough to cover the closing costs of the refinance. I am with W.J. Bradley Mortgage located in Edmond, OK. I would be more than happy to look into this for you and show you these two options if you are interested. If so, you can apply online @ www.closewithcooley.com.Thank You!Steve CooleySenior Morgage Banker

Yes you should refinance. But... At today's rates you should be able to do a no cost loan. Your rate would be a little higher than if you paid the closing costs out of pocket or added to the loan balance, but still significantly lower than what you are paying now. It is through the higher rate that the costs get paid. If you are 8 years in, you might want to see what a 15 year term does for you. Your payment may be a little lower than what it is today, but it means the home would be paid off 7 years sooner. One thing to look out for is if your loan-to-value would require Mortgage Insurance on the new loan. If so, that might negate much of the savings. The best thing to do is to find a local Mortgage Banker/Broker, and not one of the big cookie cutter banks to work through the numbers for you.

only you can answer that question... you can definitely save money by refinancing, however you need to consider your pay back period, or how soon the additional costs you paid will be offset by your monthly savings... if you do a no cost refinance, at a slightly higher rate, then you cannot loose.. WilliamAcres.com

I would do a lender paid loan and that would help to not add costs back into the loan. You can still lower your rate and save money even if you decide to move. I would look into refinancing your current loan. Let me know if you have any more questions.