Refinance

By Terry Savage on June 17, 2020 | Housing / Real Estate

Hi Ms. Savage, I’ve watching you for years and I respect you and your experience. I recently got a refinance quote from my lender. I was shocked and very confused to say the least. We are both retired with pension. I’m just trying to lower the rate and the monthly payment because I’m sure the property taxes are going to go up here in Chicago. We’re at 4.125 now. He offered 3.375 but it’s only saving me $146 a month. They’re taking $8000 to $10,000 out of equity to pay for it. We wont break even for years. Is it worth it?
Thank you for your time
J Burson

Terry Says

Absolutely not. They think they have you “over a barrel” and they are trying to rip you off.
First, you should know that once you’re retired and have no income except SS and pensions, it’s difficult to refinance a mortgage.
But you can contact my buddy Leslie Struthers at Guaranteed Rate to see if it is even possible to rei at this stage. Her email is Leslie@rate.com.

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