AboutBobbi Buehl Expertise Home mortgages is my expertise
Experience Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.
Question hi bobbi,
I am thinking of refinancing to take advantage of the new rates. I'm not sure it would be worth it for me (or even possible, I am currently unemployed, but i have the $ to pay for the upfront cost, and then my payment would be lower so, not sure being unemployed matters(?)
here are my numbers:
original loan: $39,000 at 6.625%(30yr, starting in 2002)
now owe 29,000 (ive paid down the principle in the past)
i think i would rather get out a new 30 yr loan and lower my payments substantially...
here's my question, would it be just as cost effective to continue just paying down my principle(in lieu of refinancing), what i mean is: doesnt this in effect lower your interest rate?
i dont have a head for numbers, so any help you could give me would be great, thanks so much!
Answer Hi Sara,
Do not refinance!! By the time you add closing cost to your loan and the rate you'd get (substantially lower because of the loan amount) it wouldn't be worth it, not even close!! Besides that, you are unemployed, so you would be qualified to refinance at this time anyway, sorry.
You have the extra money to hold you over, until you find a job and that's a great thing in today's employment environment, believe me.... :)
