I'm very interested in refinancing our mortgage. My sister mentioned rates that were below 4%, so I went looking online yesterday. I noticed ING Orange mortgages were 4% and under and closing costs for our home would be about $2K.
With one of the scenarios, we could recoup the closing costs in less than 9 months. If applied the savings in interest to principal we would begin paying the loan off faster. It is so tempting.
Right now we are paying 6%. I would have refinanced a year ago or more, but I kept thinking we would move. The closing costs would have been considerably more, too. Well, we could still move....so I don't know what to do.
Ugh...military life makes things complicated! In fact, can I refinance while DH is deployed? I have a power of attorney, but will that make things more complicated?
Well...just venting! I'm undecided. Any thoughts, even though I didn't give lots of details?
I Want to Refinance
August 12th, 2010 at 01:55 pm
August 12th, 2010 at 02:19 pm 1281622785
August 14th, 2010 at 02:33 pm 1281796402
August 14th, 2010 at 03:22 pm 1281799350
I looked at ING a little more and there seems to be a prepayment penalty within the first year...so that makes it less appealing.
Right now, no decisions have been made. And just because I 'want' to refi, doesn't mean I actually will.