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Reply to "Is there any reason NOT to refinance?"
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[quote=Anonymous]We did a no cost refi on our condo and it was a great deal for us. Bank credited us for all closing costs in exchange for a slightly higher interest rate (less than 1/4 of 1 percent). So our new loan balance is the same as our old loan balance (no closing costs were rolled over into the new loan because the bank credit covered those costs). It was a smart move for us because at the time of the refi, we knew we weren't going to be staying in the condo for long - it would have taken us longer than we planned to stay to recoup closing costs, and the impact of the slightly higher interest rate would be negligible since we wouldn't be paying that higher rate for any length of time. So it really all depends on how long you will be there - if you know what your closing costs will be on the regular refi, and what the rate differential would be on the no cost, you can do the math and figure out what would be best for you. But definitely a good time to refinance.[/quote]
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