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Replies (4)
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
As long as what you say it is worth is accurate and you keep the loan to value less than 75%, credit, debt to income, etc, is all in line, it is worth it to refinance. You should be saving approximately 1.5% on rate if you refinance. You might also want to consider a 15 year mortgage, rates are a hair bit lower. Good Luck.
- irvin4956
- Contributions:2
Thanks Tammy, I'm sure it's worth more than what we paid for it. The insurance co did a re-eval from when we bought it and valued it at 214,000 and also the county re-assested the house for 33,000 more than the previous assesment was.
- Mark Juzwa, "Mark Juzwa"
- Contributions:85
If you are going to retire in two years and pay off the mortgage from the sale of your home here in PA. It might not be a smart idea. You would want to see what your total closing costs would be for the refinancing and divide that by the monthly savings that you would incur from the lower rate and payment. If that figure is less then 24 months then yes, it would make sense to refinancing. But Tammy is correct being that it is currently rented out you would have to stay below 75% loan to value for the refinancing.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
If anything you would probably want to look at taking cash out of your primary home (providing the value is there) and paying off the mortgage on the investment property in cash. That way you avoid the pricing adjustments that will come with an investment property. My gut says that at that loan amount you are not gonig to see much savings from 6.5% to 5.25% that will justify the expense givien that you will have it paid off in a couple of years.
Is refi an option for us? We bought our retirement home in Sept 07 for 130000
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