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should I refinance?

Home Mortgages and Home Buying should I refinance?

  • Avatar littlefish 
    Participant
    Status: Physician
    Posts: 34
    Joined: 06/24/2017

    Interested to hear people’s thoughts on if it is worth refinancing my 30-year fixed (3.99% with $400k) if I plan to pay it off in 10-15 years. Thanks

    #239591 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2851
    Joined: 01/03/2017

    Maybe, maybe not. There are quite a few calculators out there where you can plug in your current mortgage along with your refinance rate, closing costs, etc. and it will give you the break even point. Without knowing most of those variables, the answer is probably yes in your scenario.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #239593 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8137
    Joined: 01/09/2016

    Depends on the closing costs and how long you plan to live there. I recommended the zillow calculator to someone else on the forum this week, it’s one of the best (impo).

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #239597 Reply
    Avatar Peds 
    Moderator
    Status: Physician
    Posts: 4447
    Joined: 01/08/2016

    Refinance to…..

    #239600 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1316
    Joined: 02/15/2016

    You’d have to apply for mortgages and get the numbers on a 15 year mortgage. So… maybe?

    #239603 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3518
    Joined: 01/14/2017

    See this thread for a calculator I did.

    Time to Refinance Mortgage?

    #239675 Reply

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