Should I Refinance My Mortgage

Question: Should i refinance my mortgage?

(Posted by: henvee on 2008-07-15 13:30:28)

The loan would be for about $140, 000. I have the choice of 6.375 % with no closing costs or 7 % without closing costs. Closing cost are about $5000. I currently have a 5/ 1 ARM at 5.125 % that is up in about 18 months. I plan on being in the home for about 5 more years. Thanks.

Posted by: David Beasley on 2008-07-15, 14:10:16

Rates will be going up in the short term (inflationary pressures will soon have the Fed step in to increase rates). I would take the 6.375% and finance the closing costs (higher loan amount). Best of luck!

Posted by: MARTIN C on 2008-07-15, 13:35:57

Fixed rate: Take it and RUN. It may be at 5.125 now and in 18 months it could be 10.125 at the rate this mortgage mess is going.