Reply to Would you refinance under these conditions?

Forum Index » Real Estate

Reply to "Would you refinance under these conditions?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]We bought our house a year ago using a VA loan and got a good rate (4.5%), fixed, 30 year. Our mortgage guy approached us a few weeks back about refinancing and is offering 3.5%, fixed, 30 year and says closing costs will only be 2k. We will save about $160/month on our mortgage and will pay the 2k out of pocket so we don't add to our mortgage amount. Of course, the terms of the loan will reset so we'll 'lose' the year that we've been paying for. Trick is, we are military and might need to sell in 3 years. At a savings of $160/month, we'll break even on out of pocket costs after a year but I'm worried about the added interest on the loan. If we might sell in 3 years, is that really an issue? Of course we might end up here for longer or might decide to rent so I need to keep a longer term plan in my mind.

Would you refinance under these conditions? I'm so confused! It seems like a good deal but I am so afraid of doing something wrong that will put us in a financial bind down the road. Help![/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics