Question by Leo G: Refinancing a mortgage with an already low interest rate.?
I have a 30yr fixed 4.93% interest on my 140k home, I currently owe 130k. My monthly mortgage is $ 1.116. If I refinance, according to several sources, I can lower my monthly bill to the 700-800 range. How is this possible if I would be refinancing at a higher interest rate, around 6%? With my fixed low rate, is there any reason besides a catastrophic event to refinance?
The $ 1116 monthly payment includes all insurances and taxes. We did 100% financing, and had to come up with about 2k for closing costs. We’ve had this mortgage for 3 1/2 years.
Answer by Seament
not a snowball’s chance in hell I would refi that mortgage
What do you think? Answer below!