UnThreaded | Threaded | Whole Thread (31) | Ignore Thread Prev | Next
Author: VUCommodore Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 126962  
Subject: Re: Need a Fortune Teller Date: 12/19/2007 4:07 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I would like to second aj485's post. She is absolutely correct -- costs for refinancing are significant (in the thousands), and your lower rent over even 6 months or more would be unlikely to fully compensate you.

Even if you could reduce your interest rate by 2%, that's just 1/6 of 1% of your home's cost per month, which means it would take 6 months for you to pay $2000 extra interest. Closing costs of $2000 would seem somewhat low to me. Caveat being that I don't even own a house and have no experience with this sort of thing. But the math does seem to indicate that IF you plan to sell in the next 6 months, it is a bad idea to refinance.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (31) | Ignore Thread Prev | Next

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
2013 Feste Award Voting Begins!
Who will win the 2013 Feste Award? Vote now for the Fool that most exemplifies the Fool Community mission of Learning Together!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Tax Strategies

TMFPMarti-Feeling Good
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement