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    JakeEdmark's Avatar
    JakeEdmark Posts: 2, Reputation: 1
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    #1

    Jan 19, 2009, 02:35 PM
    Should I refinance
    I bought my house June 08 at 6.5%... my lender is saying I should refi to 5.5% for 5,000 total costs, I am skipping a mortgage payment saving me 1400 and getting 500 back, is this wise?
    JakeEdmark's Avatar
    JakeEdmark Posts: 2, Reputation: 1
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    #2

    Jan 19, 2009, 02:36 PM

    In addition, I will be 70\month lower on my payments and my original loan was 166,000 and now will be 171,000
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Jan 19, 2009, 07:40 PM

    Is it a fixed or adjustable loan

    Have you shopped with your own current lender who could do a refi with no or little costs ?
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