Should I refinance when I intend to sell, then buy a new home in the next 1 to 3 years?

If you refinance, there are closing costs involved, either you pay them out of pocket or finance them by using up equity in the home. On any refinance, the most important factor is the break even point. That is, how much would you save each month compared to how much the new loan will cost, and how many months would it take to make your money back. If you want someone to look at that to see if it makes sense to refinance, you can give me a call at 877-376-0223, or email me at steve@1800valoans.com. Steve Sexton

If you can recoup your closing costs (by the amount you are saving each month with the lower payment) by the time you sell the house, then this makes sense. (I would need to know more information on your situation in order to figure this out.) Or, if freeing up the money each month right now is more important to you than recouping the costs, then it also might make sense. If neither of these are true, then this option might not be the best for you.

There are so many lenders out there that will offer no closing cost refinances. You have to be careful and make sure it is a true no cost refinance. That means if it is no cost you start saving money on your first payment. The rate you receive will not be the going rate but it will be better than what you have now. Most people say they are moving in one year but some life changing event keeps them there for 3 or more years. Take the savings if it is a true no cost refinance.

We have a program that will fit the bill for you, and will not raise the current balance on your mortgage and save you a couple points on the mortgage. I have done this for several clients facing the same situation. Contact me and i can go over the details of the program and how it will work for you. I am 100% confident we can accomplish lowering your payment and increase your equity in the property prior to your estimated sale. thanks John................ Toll-free 877-788-3520 Ext 6187............ Direct 913-928-6187 ........... email jschweer@TheFederalSavingsBank.com