Zillow Advice: Refinance - Only 9 years left of a 15 year fixed 5% - is it worth refinancing?

The lenders have spoken. ...

Thu, 19 Mar 2009 04:22:00 GMT

The lenders have spoken. Great loan, you're not hurting, stick with it.

I would say just walk away ...

Thu, 19 Mar 2009 04:57:00 GMT

I would say just walk away from the house and let the bank foreclose. All the cool people are doing it! ;OP

Take the amount of money ...

Thu, 19 Mar 2009 04:54:00 GMT

Take the amount of money it would cost to refi and apply it to your principal balance instead.

Your question cannot be answered ...

Thu, 19 Mar 2009 01:32:00 GMT

Your question cannot be answered unless one knows your principal balance. You need simply to compare the current interest cost with the cost of interest on a new loan, then divide that savings into the closing costs to determine how many months you need to keep the loan to break even.

If you owe less than 150k, and the closing costs are $3,600; you would break even on a 4.25% rate in 36 months. however if you owe 400k with the same closing costs, you'd break even in about 14 months.

With a conforming loan, you can always pay additional principal to payoff your mortgage on your own schedule.

Stay with what you ...

Thu, 19 Mar 2009 00:33:00 GMT

Stay with what you have.

My first response is to stay ...

Thu, 19 Mar 2009 00:31:00 GMT

My first response is to stay with what you have. Although you may consider an interest only arm. Rate could be as low as 4.7% I/O. If you made your current 15 yr fixed payment every penny over the I/O payment would go towards reducing your principal balance. ... Something to think about. ... Zillow has a Amorizaation Calculator were you can play with the numbers. ..... Best wishes, Rudi

stay with what you got.

Wed, 18 Mar 2009 23:45:00 GMT

stay with what you got.