Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
would you refinance?
I eventually plan on selling our coop and buying a new house. We bought the coop in 2007 and the interest rate was pretty high. Do you think it's wise to refinance now, even though eventually we plan on selling it? TIA!
Re: would you refinance?
It depends on how far out you plan to sell it. If it's next month, a refi is going to be a waste of closing costs and time/effort. If it's a year or two from now, refinancing will help you save some money between now and then.
If you can find someplace with closing costs, then yes, I would do it. We refinanced a year ago and got 4.5% (down from our original 6.3% from 2005). Closing costs were under $400, and we 'broke even' in under two months.
The paperwork and closing were a hassle, and we are selling that house this year, but we saved easily $1000 in interest in the past year from refinancing, so it was worth it to me.
Ditto everyone else: it depends on the break-even point.
We've refi'd two houses that we plan on selling "eventually." "Eventually," of course, being whenever the heck the market recovers and we can get a decent return. Until then, we knocked $500 off one payment and $350 off another. Totally worth it for us, even with CCs.
My Pinterest
The Googlesites Paint Bio
Thinking of doing cosmetic updates to a dated home? These were our costs.
thanks ladies!
I think we will refinance because we still need to save up for a downpayment of a new house anyway. This way, at least I get to save a bit more with a lowered monthly payment. thanks again!