mortgage experts: should i refinance using this offer?

  • rnch

    Posts: 11525

    Jun 29, 2010 4:14 PM GMT
    i can drop 1 1/4 percent interest off my current 30 year loan and reduce my P & I by $80 per month...at the cost of about 6K in closing costs..by refinancing another 30 year loan.

    i'm not sure the payback is worth the cost.

    waddua think?
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    Jun 29, 2010 8:51 PM GMT

    Calculate the future value of that $6000 at your mortgage rate then you'll have your answer. :-)
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    Jun 30, 2010 2:09 AM GMT
    rnch saidi can drop 1 1/4 percent interest off my current 30 year loan and reduce my P & I by $80 per month...at the cost of about 6K in closing costs..by refinancing another 30 year loan.

    i'm not sure the payback is worth the cost.

    waddua think?

    Why would you pay closing costs? Banks should be begging for your business these days. Last I heard, interest rates are pretty damn low right now. Shop around.