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I Want to Refinance

August 12th, 2010 at 01:55 pm

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 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?

3 Responses to “I Want to Refinance”

  1. MonkeyMama Says:

    If it pays for itself in less than a year - I'd do it. Now is a great time to refi!

  2. LuxLiving Says:

    I would be careful not to go into an adjustable rate situation.

  3. creditcardfree Says:

    Actually, I was considering an adjustable rate, simply because we likely will move in less than 2 years. The less interest the more I can pay down on principal...I would keep paying the same payment.

    I looked at ING a little more and there seems to be a prepayment penalty within the first 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.

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