What happens if you refinance and then a year later you sell?

Hi Candice, my name is Jericho Cherry. I am a local Branch Manager/Loan Originator located in Goochland Virginia. 16 years of experience in the mortgage industry. Please give me a call at: 804-556-0685, or email me at: jcherry@loansimple.com. I look forward to answering all your questions and concerns.

Hi Candice, if your refinance has all closing costs included in your new loan, specifically included inside of the Interest Rate you are offered, the main cost to consider will be the increased monthly interest payments over the rate you may have been offered if you were paying closing costs out of pocket or increasing your loan amount to cover. You will need to look at a break even analysis for each loan offer you receive, but you should be able to get some help from a mortgage professional who truly understands your goals and objectives so be sure to share that information with anyone you speak to and then decide who has the most value to offer you going forward. Good Luck!

Yes, the closing costs on a refinance are paid upfront and you will not that money back. It usually takes about 2 years to recover the investment of your closing costs when lowering your rate. If you would like more information on refinancing or getting pre approved for your next home purchase, you can email me at sdrilling@myeaglelending.com and I will be more than happy to answer all your questions and concerns. Thx! Scott