you need to weigh the amounts you are currently paying and the possible savings you might generate over the whole mortgage term, there is no simple answer to refinance to eliminate some minor charges
closings costs are the costs of processing the new loan, it is the same process done again and again but required each time simply because those costs are incurred each time
It is if you plan to stay in the home for at least the next 2 years. Lender will finance closing costs in with the loan (accept for the appraisal normally). Look at your monthly statement from current mortgage & see how much the mortgage insurance premium is. However, make sure to compare rates cause they are going up & you don't want to pay more than you already are paying.
This will vary based upon your individual circumstances. Questions you need to answer include - how much are the premiums; how long do you plan on staying in the house; how much are the closing costs, are you reducing the interest on the mortgage (or worse, is the new interest rate higher), and finally, will you have 20% equity in the house to remove the PMI under the new conventional mortgage.
Taking all these into account, you need to run the numbers and determine if it is the wise thing to do.
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It is never a good idea to refinance. Any savings are eaten up with the expenses.
you need to weigh the amounts you are currently paying and the possible savings you might generate over the whole mortgage term, there is no simple answer to refinance to eliminate some minor charges
closings costs are the costs of processing the new loan, it is the same process done again and again but required each time simply because those costs are incurred each time
Talk to the lender. You shouldn't have to refinance to remove PMI if you're eligible.
Explain why you are refinancing? How the heck can you expect us to know?
It is if you plan to stay in the home for at least the next 2 years. Lender will finance closing costs in with the loan (accept for the appraisal normally). Look at your monthly statement from current mortgage & see how much the mortgage insurance premium is. However, make sure to compare rates cause they are going up & you don't want to pay more than you already are paying.
That depends on many, many factors, like how much it costs and what the PMI monthly was.
Skip it Simple.
Spend some months reading learning studying researching how refinancing work and do the math.
As for closing costs, ask local educated adults for actual info locally as it varies greatly.
We don't have a clue what u mean by"expensive".
This will vary based upon your individual circumstances. Questions you need to answer include - how much are the premiums; how long do you plan on staying in the house; how much are the closing costs, are you reducing the interest on the mortgage (or worse, is the new interest rate higher), and finally, will you have 20% equity in the house to remove the PMI under the new conventional mortgage.
Taking all these into account, you need to run the numbers and determine if it is the wise thing to do.