Author Topic: Mortgage refinance for less than a year?  (Read 696 times)

ebdrummer

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Mortgage refinance for less than a year?
« on: November 06, 2019, 07:59:55 PM »
MMMs Facebook post about Credible today got me thinking about finally refinancing our mortgage. However, my husband and I will likely be selling the home and moving in a year or so. Before digging into the details about refinancing, I was wondering if there are any cons to refinancing for such a short period of time.

Thanks for any insights!

rothwem

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Re: Mortgage refinance for less than a year?
« Reply #1 on: November 07, 2019, 05:08:12 AM »
You’ll spend more in closing costs than you’ll save. Not sure why you’d refi in this situation.

ender

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Re: Mortgage refinance for less than a year?
« Reply #2 on: November 07, 2019, 10:01:24 AM »
I'm also unsure what closing costs are with Credible, they make it very difficult to see these.

TooMuchGlass

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Re: Mortgage refinance for less than a year?
« Reply #3 on: November 07, 2019, 11:51:14 AM »
Math is going to reveal an answer.

I asked this question a few months ago, and we got into the math a bit.

Here's the link: https://forum.mrmoneymustache.com/real-estate-and-landlording/refi-if-moving-in-a-year/msg2459367/#msg2459367