Mortgage Refinancing – A good idea?
by Mortgage Rates on Sunday, November 7th, 2010 | 4 Comments
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What is the APR on these notes? It may look good on the surface but the rates have been fairly stable. Ask for a copy of the TIL and see what the APR is. When looking at this you will not have any MI. So if the apr is not greater than 6.125 on the first then yes it is a good idea since Mi is not tax deductible
I am a loan officer in TN
Simply put although your fear of the adjustable rate is valid let me put this in perspective for you. Niether of these deals are going to save you money. Most likely because you will be looking for a lower payment you will be looking to refinance in another 2 1/2 years anyway. No bank does anything for free, so your current mortgage company mostlikely has something in their package to perserve their intrest i.e. pree-payment penalty or something of the sort. I would suggest you sit tight. You still have time and if you are not going to clearly better your situation now there is no need to make a move.
if your going to stay in the home for another 5, do it and buy down the rate a little
It could be a good thing but we would have to analize youre circumstances to see what would benefit you more if you would like to know more you can contact me at erick@onlinefsl.com