What are my savings if i refinance with more down?

2 Responses to “What are my savings if i refinance with more down?”

1. loanmasterone says:

   November 11, 2010 at 1:36 am

   You are sinking money into a sinking ship. Leave your savings intact. You will be getting interest off this in some type of interest bearing account.

   Does the interest off set the lower interest rate you will be getting if you pulled this out and placed this amount into your house for a lower interest rate on your mortgage payment?

   Your interest you pay is tax deductible, so you are really getting that back.

   The housing situation will change in the next 2-3 years, thus you should see some appreciation in your property and will be able to refinance your home without pulling funds out of your savings to compensate for the fallen value.

   Will the property value take another dip after the refinance?

   This is a difficult situation, but you have cash on hand and not tied up in your home. You can never tell what will happen, so what if a situation aroused that required instant cash or a great investment came along.

   I hope this has been of some use to you, good luck.

   “FIGHT ON”
2. wg0z says:

   November 11, 2010 at 2:14 am

   i like loanmaster’s answer; preserve your cash that’s elsewhere, or in any case don’t cough up any more right now as part of any refinance.
   two months from now, they might offer roughly the same deal, but with no addional cash req’d… wait and see.

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