Mortgage Intrest Refi
Hello,
Does the rule still stand to only pursue refiancing your mortgage if there’s at least 1 % less in interest rate? Additionally, if planning to move within 2-3 years, what is the ideal timeframe that the cost of the refi should be paid off in? Lastly, how much will the timeframe matter if we’re able to recoup cost in the sale of our house?
Thank you
PS. IT was awesom being on the zoom meeting you held through the Indian Trails Library/Wheeling. I was glad to be apart of that session.
Terry Says
Well, a lot depends on your current mortgage rate. You know the mortgage bankers have to make some money. Sometimes it doesn’t look like you’re paying fees, because they wrap them into the outstanding balance! To do the numbers for your situation contact Leslie Struthers — Leslie@rate.com. You can trust her to do the numbers and advise on your situation.
