Mortgage Refinancing – A good idea?
Hello, We have lived in a house of 197K for 21 / 2 years on a loan (5yr.ARM rate 5.625%; 192K left). The house is worth 216K now and I'm in the store to get a "fixed" rate. Although the majority of transactions (By lowermybills.com) included a payment of premium heavy, my current lender offers an option without closing costs loan 2 (172K@5.87 21k@7.5% and%), which does not reduce my monthly payment on all, but there is no charge "other. That is about $ 200.00 which could be the concern of having a mortgage on it! I guess the closing costs, pre-paid, liquidation costs, etc. are included in the second mortgage and urged me to pay as soon as possible to reduce the monthly payment significantly! The question is is it worth? Thank you, Sam
In short, although the fear of rate variable is valid let me put things in perspective for you. Niether of these agreements save money. More likely they are looking for a lower the payment will be looking to refinance in a 2 1 / 2 years anyway. No bank will do nothing for nothing, your mortgage company Current mostlikely have something in your package for the preservation of their pre-existing interests is good or something. I suggest you keep quiet. Yet you are on time and not exceed your situation now clear that it is not necessary to make a gesture.
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