| A:
|
It
depends on how long you plan to
hold on to your house and if you
have to pay anything to refinance.
In addition, it also depends on
how far along you are in paying
off your current mortgage.
If you are going to be selling your
house shortly, you probably will
not recoup any costs you incur to
refinance your mortgage. If you
are more than halfway through paying
your current mortgage, you probably
will gain little by refinancing.
However, if you are going to own
your home for at least five years,
that's probably long enough to recoup
any refinancing costs you incur
and to realize real savings on lowering
your monthly payment. If it is going
to cost you nothing to refinance,
you can gain even more.
Many lenders will allow you to roll
the costs of the refinancing into
the new note and still reduce the
amount of the monthly payment. Also,
there are no-cost refinancing deals
available. In any case, it pays
to consult your lender or financial
advisor, or run the numbers yourself,
before you refinance. |
