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Reply to "Explain to me the what the benefits are to REFI - I am just not getting it."
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[quote=Anonymous][quote=Anonymous]What kind of closing costs are you looking at to refi -for six years that might make it not worth it.[/quote] If refi would lower their payment by $350 a month they will save over $4,000 the first year--should be enough to "pay back" any closing costs. If you refi to a 15-year mortgage and your total payment stays the same or goes up a little you can't do the "pay back closing costs" calculation, but you can look at how much less you'll pay in interest each year and compare that for the first year or two--if you cut your rate from 6% to 3%, you could save $10K+ in interest the first year on a $400K mortgage. [/quote]
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