Profile picture for phead17

Should I refinance?

I have a three bedroom, two bath home on the northside of Indianapolis.  I owe approxiamtely 5000-7000 less than the appraised value of the home.  My five year ARM was at 5.65% and just reset and the payments are about the same at least for the next year.  I would like to move in 2, maybe 3 years but not sure the best route to follow at this time.  Any comments are greatly appreciated.  Thanks.
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July 29 2010 - Indianapolis
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Answers (3)

I just wanted to apologize if we were not supposed to put our contact information in our posts.  I was not aware of that if that is the case.
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August 31 2010
My husband and I were also considering refinancing.  When I worked out the math of what my principle balance would be in 18 months if we kept our current rate, I found that it would be higher than if we refinanced due to the closing costs.  And if we went with a term that would give us the best monthly savings, it wouldn't work out to be worth it either even with the monthly savings.

So, your best bet it to talk with a lender and ask them to help you do the above analysis.

I have two different lenders that I refer my clients to.  If you don't have a preferred lender you are working with already and you are interested in their information, feel free to email me.

Good luck!

Sarah O'Donnell, Realtor

F.C. Tucker

317-292-3882

saraho@talktotucker.com
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August 31 2010
Profile picture for ChandaB
An honest Lender would be able to help you, but based on the fact that you don't plan on staying there much longer and your current rate...You may just keep things the way they are...If you refinance you'll have to pay closing costs all over again which could greatly offset the money you would be saving by refinancing for only a couple of years...

Again, it would be best to talk to a lender so they can run the numbers and give you your options as there are other factors that would be important to consider when making the final decision (are you going with a shorter term, credit score, etc)

Hope this helps!
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August 11 2010
 
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