We have a 9.4% mortgage. Would it be wise to go ahead and refinance even if we plan to sell within the next year or two?

(0) | asked by: Diane Gilliland | share | 3 months ago | Report
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answer by Harjeet Bhatti    |   Visit My Website   |   Contact Me
Try to get no cost loan so you don't have to worry about recovering closing fee.
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answer by Holly R. Rae    |   Visit My Website   |   Contact Me
A local mortgage expert would be best to advise. Be sure to shop around and compare apples to apples in fees, APR, points, etc. They will be able to do the math for you to see if it makes sense financially. It is best to meet with them face to face and be able to provide them with current financial information as there are many factors in determining rate such as credit score and equity etc. Best Wishes for financial success and selling home. P.S. You may want to meet with Expert Realtor to discuss if it makes sense to sell now instead of paying for refinance.
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Frederick  Schmitz
answer by FLmortgagelender.com   
Yes. I recommend conventional rate/term refinance with rate 4.375 -4.675 with not mortgage insurance and lenders credit to help with closing costs. You're rate at the moment is like an interest only loan with no gain in paying down the principal. mortgageguy101 dot com
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answer by William Fain    |   Contact Me
Yes, if you contact the right local bank some offer Zero Closing costs refinancing for owner occupied homes.
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answer by Sarah Little    |   Contact Me
If you plan on staying or renting the house out in the next year....ir would save you a ton of money monthly to refinance. However if you roll in the closing costs then your mortgage balance would be larger than it is now so be sure to ask about that. Since the market has improved so much in just three weeks you should have no problem selling next year or after. Please note you can't sell within 6 months of refinancing .
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