I have been in my home for 6 months and the interest rates have dropped considerably. I am currently at a 6.375 APR, and I owe 157,000 on my loan. My home is aproximately valued at $165,000. I only plan on living in the home for the next 4-5 years. I currently have a FHA loan. Should I refinance to get a better rate & lower monthly payment. My wife and I have good credit so we should be able to get around 5%. I am curious if it will be worth it since we will be selling in a few years...
Thanks
a few years no. You can streamline it but there are cost involved so think it through. Check all options before jumping. If keeping less than 4 years not worth the trouble if longer may be the thing to do
You need to weight the cost of the refi with the "recapture period" since you plan to sell in five years or less. FHA has the "Streamline " refi program available.
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