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Should you refinance if you are moving within a year

by hannahbingo390447 from Jackson, Tennessee. Apr 21st 2015 Reply


Are you keeping the property or selling?

Apr 21st 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

More details would be needed, but in general, if the refinance is not costing you anything, and your loan balance is not going up, and you are saving money every month, then it would make sense to continue.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 21st 2015
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

If you are moving that soon generally there won't be enough time for you to benefit from the refinance, unless you plan to keep the property after you move.

Apr 21st 2015
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Ron Pippin (RonPippin)
#26 ranked lender in Utah - 157 contributions

In almost all circumstances, no. The cost of refinancing likely won't be recouped that quickly. If you are doing a no cost refi where your balance is NOT increasing AND your interest rate is lower, then it may be worth it. OR if you plan on retaining the home for a rental/second home, then it may also be worth looking into.

Apr 22nd 2015
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Nancy J Releford (nancyreleford)
#1 ranked lender in Tennessee - 215 contributions

The short answer is no. You would never be able to recoup the costs of doing a refinance. I would save your money & apply to the new home you may be purchasing.

Apr 22nd 2015
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My first question is: What is your motivation? If you need savings, I can be of service, and I look forward to hearing from you.Nathan T. Kessler | Sr. Mortgage Loan Originator City First Mortgage Services8871 W Flamingo Rd Suite 202Las Vegas, NV 89147(C) 702.683.3126 | (F) 702.974.0848 | (O) 702-522-6743nathan.kessler@city1st.com www.city1stlasvegas.comCompany NMLS # 3117 | Branch NMLS # 819501Individual NMLS # 377217 NV #46175

Apr 22nd 2015
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