to Refi or not?
Hello Here is my situation. We bought our house for around $360k about 1.5 yrs back on a 15yr fixed and have already paid $110k on it, so now owe around $250k .Spoke to some lenders today. And am being offered 3.75 on a 15yr fixed with 0 closing cost, of course with arnd $1500 other costs.Keeping these numbers in mind, would you suggest I should look at refinancing. I would be reducing my loan by 300 a month, but increasing the loan term by 1.5 yrs. by mdsa_new_consumer from , . Jul 20th 2011
Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions
Yes you should probably refinance, but I would suggest that you refinance and continue to pay what you were paying before. If you do that, you will see the true benefit by paying off your home in less than the 13.5 years you have remaining now. In many cases you will be able to shave 3 or more years off.
Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions
Take a look at the break even point. If you save 300 a month and your actual costs are $3,000 then it would take you only 10 months to recover the money. Sounds like this would be a good fit for you, and your interest rate would be lower also, correct? Lower interest means you will pay less over the long run. Good Luck
Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions
I would do it. Makes sense.
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