Should I refinance or downsize?

Hi Julie! You would need to assess your savings to your break even time frame. If you are looking to sell your home in 2-3 years and the break even period won't take place until the same time frame, it would be best to stay in your current loan. You would need to make an application to have a Good Faith Estimate generated and then determine what, if any, is required for you to bring to closing and/or what increase in your loan amount is required to complete your refinance. I'd be happy to analyze your situation more closely if you'd like off line. Good Luck!

You need to live somewhere. For most empty nesters, downsizing is the way to go. You simply don't need all the space, so why pay for it?

Julie,Nobody can answer these questions without knowing more about your short term and long term goals. Right now it's a sellers market ( low inventor and a high demand for house). If you would like to sit down face to face with a lender who cares, please give me a call. My office is in Chandler off the 202 San Tan & Cooper road. Thank you,David Kester Mortgage Planner 602-628-6500

Good question! If you are going to downsize, refinancing is not a good idea unless a lender is able to do a "no cost" refinance where the costs are paid from the lender's premium and not your cash or equity. Refinancing certainly could save you some money depending on your current rate and balance but purchasing at today's low rates with a smaller loan will save you even more. Good luck with your decision.

HELLO , i lived in gilbert for over 15 years, a nice little town. as others have said, first you need to look at your financial goals, also, are you upside down on your home? what do you do for a living? if you want to go privately, you can email me at yourloanpartnerforlife@live.com linda or phone at 602 330 1598

You should get with a loan officer and see what your payment will be if you refinance and then decide if it will be better to downsize or refinance.

It depends on your time horizon. If you plan on being in the house beyond 3-4 years from now, you should look at refinanicng at these record low rates. If you will not be there that long, you are going to be better off doing nothing.