Thanks for the replies guys. I'm not seeing a whole lot of downside in taking advantage of cheap money. The only piece of information I left out was that my wife and I
were talking about selling and buying another house next summer/fall but those plans will probably be on hold until we know about the layoffs. If the sale/purchase plans still happened, that would be right about at my refi break-even point.
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Originally Posted by Jim Richards
Phil, how much is your refinance cost? How many months at the new, lower mortgage payment will it take to recoup that up-front cash to refinance?
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Refi costs look like $1500 which would make my break-even point 5 months.
Quote:
Originally Posted by KC911
Have you checked out a Credit Union for the loan?
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No, I haven't checked with Credit Unions, thanks. Probably be good to at least take a look. I'm kind of partial to my current mortgage lender/bank because it looks like they won't require a new appraisal which is an extra $650.
Quote:
Originally Posted by berettafan
If i thought a layoff was coming i'd be looking to squirell away some cash even if via refi.
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Yes, good thought. I'm not super worried about cash while I'm between jobs because I've saved quite a bit and the layoffs (if that includes me) will include a severance package. Granted, nothing is sure until the money is in your hand, but this company has a long history of making good on those things.