0 votes
Bought my first property six months ago, still have 29 years and 6months to pay my current mortgage at 4.5%. My bank lender offers me to finance it for another 30 years at  4.25% with no closing cost (I’ll pay $500 reassessment fee).  Is it worth it to go through the hassle?
asked Dec 28, 2018 in Refinancing by Swavek

1 Answer

0 votes
The good news is that since you have a fairly new loan, refinancing to another one won't extend your term very much and you'll repay pretty much on time. The hassle shuld be minimal because you just got your loan. Make sure that your title company gives you a short or reissue rate because that gets you a big discount and  title insurance can be the most expensive part of refinancing. Incidentally, don;t make the mistake of just taking this deal without comparing other no-cost offers from other lenders. Rates are dropping and you may be able to do even better.

Thank you for writing.
answered Dec 28, 2018 by GinaPogol (47,650 points)

Welcome to The Mortgage Reports Q&A Forum. Have your questions answered by experienced mortgage and real estate professionals.
515 questions
662 answers
883 users