Q&A: Mortgage refinancing question?

Question by Goddess: Mortgage refinancing question?
Would it be worth refinancing a home loan to get a lower rate? We could decrease the rate from 6.5 to 5.5 but it would add $ 12,000 to my current loan amount. It would remain a 30 year fixed. We’d also get to skip two months of payments (which is actually added into the loan, not really “skipped”); but it’s still money in hand. The current mortgage is less than a year old. Would the refinance be worth it?
The additional money is to pay the points down to get a lower interest rate as well as the two “skipped” monthly payments which is really just added into the loan.

Best answer:

Answer by scott A
why does it add 12000 to your current loan are you taking some cash?

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