Should I refinance my home if I plan on selling it within 2 years?
Tuesday, May 26th, 2009
heh asked:
I have a $92,000 home loan at a fixed rate of 6.75 for 30 years. Right now my payment is $600 per month. This does not include my PMI payment of $46.25 a month.
I plan on making this same payment after refinancing, but applying the excess to the principal. Would this be beneficial to me if I am going to sell the house in 2 years? Should I let it be? Should I get a loan for a shorter amount of time?
Daniel
I have a $92,000 home loan at a fixed rate of 6.75 for 30 years. Right now my payment is $600 per month. This does not include my PMI payment of $46.25 a month.
I plan on making this same payment after refinancing, but applying the excess to the principal. Would this be beneficial to me if I am going to sell the house in 2 years? Should I let it be? Should I get a loan for a shorter amount of time?
Daniel