Quote:
Originally Posted by Hawkeye
Quote:
Originally Posted by rebekahb
I was doing it because I can go from 4.125% to a credit union of 2.5% and I was going to put down a large chunk of money down at re-fi. I think closing costs will be $3k or under. I'm trying to pay my house off in the next 5 years. Open to reasons on why I shouldn't.
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If you are planning on paying off the house within 5 years, unless you are planning on just doing it in a lump sum in 5 years and not over the next 5 years, a refi likely does not make as much sense for you with $3k closing costs. |
I pay extra every month so I would be paying it down over the 5 years. I wouldn't do a lump sum payoff in 5 years. I get my bonuses quarterly so I will anticipate paying 1/2 the bonus to mortgage & other half to savings/investing.