Should I refi my mortgage when I bought my house only 6 months ago?
by Mortgage Rates on Saturday, September 25th, 2010 | 5 Comments
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The question you have to ask yourself is how long are you planning on staying in the house. Divide the amount added to the mortgage (the $5,000) by the amount you would save on your mortgage payment by refinancing. This is the payback period in months. If you are planning on staying in the house longer than this time, the re-fi makes sense, if you plan on selling and moving before that time, the re-fi does not make sense.
the answer to your question my friend is in the numbers PERIOD look at the savings if it isn’t sufficient then don’t do it
Absolutely…you will save thousands more in the long run…
based on your figures….it would be a great time for you to refi
No. $5,000 is too much. Your refi fees should be about $1,500. Call another lender.
You paid 1.75% at first closing for PMI upfront fee. find out if they are asking you to pay that again. That is what is probably driving this up.
If you have to pay it again then do not refi.