My friend plans on selling his house in the next year. He wants to know if it is worth while to refinance his mortage now or not to bother and just wait for the sale of his house.
He has an adjustable rate mortage.
Lemme know what you think.
2007-05-15 09:29:20 · 2 answers · asked by xoil1321321432423 4 in Business & Finance ➔ Renting & Real Estate
Highly doubtful that he will realize any savings from a re fi. Especially that he has an ARM, which tends to be the lowest rate of mortgages. He will need to do the calculations, but my guess is that re fi at this stage would be a loser.
2007-05-16 11:14:02 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
Obviously, if he is selling within a year, then no, it would not be to his benefit to refinance. And why doesn't your alleged friend find out for himself? You start out by talking about YOUR mortgage.
2007-05-15 09:32:49 · answer #2 · answered by Anonymous · 0⤊ 2⤋