General Question

Bill_Lumbergh's avatar

Is now the best time to refinance my condo?

Asked by Bill_Lumbergh (1468points) August 19th, 2011

I own a condo in another state and I am currently using it as a rental property. I cannot continue to pass up on the low mortgage interest rates that are being advertised. I currently have a fixed 5.5% interest rate with my mortgage company, but I want to shop around for a better deal! I also am choosing not to pay any of the closing costs associated with the refinancing up-front and I know I will have to request these fees be “wrapped around” the back of total amount of the new loan.

Is it worth hitting my excellent credit score, by shopping around with several requests for refinancing loans? Or is it better to just stick to my current fixed rate?

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3 Answers

marinelife's avatar

This Q&A offers two comparison tables and some advice on how to save the maximum in interest payments with a 5.5% loan vs. 4.25% and 3.875%.

bkcunningham's avatar

@Bill_Lumbergh, have you considered making a copy of your credit scores and your FICA score and shopping with just those? Explain to the financial people you speak to what you are doing and you don’t want your credit reports pulled until you make a firm decision. Of course, if you come to an agreement with one of them to refi, they can pull your scores.

YARNLADY's avatar

Yes, I suggest this is a great time. We just finished refinancing two of our cars for the same reason.

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