sHOULD i RE-FINANCE MY HOME NOW AFTER ONE YEAR OF OWNERSHIP?

Answer 1

I would refinance and get a 15 year mortgage. Forget about the 30 year mortgage. Forgetaboutit.

Answer 2

first of all why do you want to refi. Is it to lower your rate or get cash out. Second find out if you have a pre-payment penalty from the bank. Sometimes it's better to pay the pre-payment if the new rate will lower your monthly payments by more than $500. remember, in the long run the money you save on interest will greatly outweigh the few thousand that you will spend now.

Answer 3

Depends on the deal offered. Is it a cheaper interest rate, less years, no closing costs? Do you just want to get out of debt faster?

I refinanced after 3 years, but I would have done so sooner if I could have found one with no closing costs/fees and a less interest rate. I got it paid off sooner by making extra payments which, in effect, reduced my interest rate.

Answer 4

You can if there is no penalty on the mortgage you have now (or dont mind paying it). Also find out if the person you are dealing with is a broker or the lender directly. I know from experience. If it is the broker, you can be charged by both the broker and the lender. Last find out how much it will cost you altogether.

Answer 5

Not unless you want to pay closing costs again. Rule of thumb: re-fi if you can reduce the interest rate by 2%

Answer 6

If you need the money go on and do it but I really don't think you should.

Answer 7

you can if you need the money or if there is an expense you need to pay I'm in that field now so contact ([e-mail])

Answer 8

PROB LOSE GOOD DEAL OF MONEY............