Refinancing mortgage?

Question by Betty R: Refinancing mortgage?
I am running into some hard times and want to refinance my mortgage is this the best way to save some money or should I wait I have only had my house for a year and need to save money somewhere any suggestions

Best answer:

Answer by Risa S
there will be a [enalty if you do this in canada,,, how about a line of credit instead?

Add your own answer in the comments!

This entry was posted in Q&A and tagged , . Bookmark the permalink.

2 Responses to Refinancing mortgage?

  1. Dr. Deth says:

    If you’ve only had the house a year, you haven’t gained any real equity to be able to pull out with refinancing. You also have to have at least 20% equity left in house after refinancing. House may even be worth less than your mortgage if you started with low or no down payment, the way the housing market has been the past year

  2. sporregar says:

    Depends on what your current rate is, what the new rate would be and any applicable fees. It might cost you more money.

    If you’ve only been in the house a year you won’t have built up much equity so that will be against you saving money.

    I’d suggest you go to your lender and discuss it with them. Show that you’re working in good faith. You may be able to arrange reduced payments or something that will benefit both you and the bank.

    Perhaps you can get a roomie for a while to help pay the mortgage.

Leave a Reply

Your email address will not be published. Required fields are marked *