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Answers (5)
- Sofia Nygaard, "Sofia Nygaard"
- Contributions:42
I agree it is worth it, you told us what you need to know. In my opinion, 4.5% is a once in a lifetime rate and if you're going to be in the house a long time, that's an even better reason to go for it. The streamlines are pretty low fuss too, I say sounds like a great deal.
- lifebeyondEarth
- Contributions:97
Yes - if the closing costs paid are under 2500 including title else -No.
Let me put in a different way. If the difference in payments is substential and you break-even in 3 years than yes- else its not worth it IMO.
provide your loan amount and closing cost for better anwser.
Let me put in a different way. If the difference in payments is substential and you break-even in 3 years than yes- else its not worth it IMO.
provide your loan amount and closing cost for better anwser.
- Dave Skow, "daveskow"
- Contributions:1105
i would definitely go for it .....if the 69 month breakeven period is concerning you you might look at options that have lower costs but slightly higher rates ( eg. 4.75% or even 5 to see if these options have shorter breakeven periods....Dave Skow
- Clay Branch, "Georgia Loans"
- Contributions:7836
Base your decision on the 69 month break even point since you wont get the points paid back in a tax refund.
- Anthony Ebright, "anthonyebright"
- Contributions:15
If you plan on living in your home as you state, then, you should see about the streamline refinance. I usually tell my clients a refinance into a lower loan payment is worthwhile if you can break even in 3 to 4 years if you plan on living in the home for at least 10 years or more. That's just my own opinion. You have to look at what your trying to accomplish. Believe it or not, I've had some clients keep the higher rate just for the deductions!
If I have a VA loan at 5.5 percent does it make sense to refinance at 4.5 percent ?
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