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blueknight73's avatar

What are the advantages and dis-advantages of re-financing our home?

Asked by blueknight73 (2706points) June 1st, 2010

we built our house 4 years ago and our interest rate was 6%. i see them now in the 4.5% range. we dont plan on staying here much longer then 5 more years, should we refinance?

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2 Answers

JLeslie's avatar

If your plan is 5 years, you just have to figure out the fee you are going to pay for the refinance and see if that amount added in to your savings on the mortgage price difference per month for 5 years saves you money. It is just a matter of math.

LuckyGuy's avatar

Motley Fool has a calculator to answer this very question.
Am I better off refinancing?
Give it a try. It’s great.

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