Question by my_61ferg: Is it difficult to apply for refinancing a mortgage?
I recently was behind on my mortgage but I have been on time for a few months. Should I wait to try to refinance my mortgage?
Answer by Cold
Not enough information.
Only re-fi if you know you can get at least 1.5% interest rate.
Closing costs are a monster and sometimes you are better off just putting all those costs directly into an extra mortgage payment to save money over the long run.
Also it may be a bad idea to refi a home with only 16 years left to pay, back into a 30 year mortgage. You will still need your home to have 20% equity…
Know better? Leave your own answer in the comments!