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I can go down 2.3/4 points if I refinance. I figured the numbers and it would mean staying in the house for 4 more years to break even. I only see myself living here for maybe 2-3 years (unless I don't find anything). I have the closing costs in cash so they wouldn't be mortgaged in and the refinanced loan would be for 20-25 years. I currently have 30. I don't know if its worth it. I keep hearing "refinance! refinance! rates will go up!"
i decided to refinance to get some money out of my house, so i could fix it and then sell it asap. i am worried that if i wait too long, i will get more money for my house, but my next and last house will also be more money and the rates may go up. my current house is too large and too costly. plus there is flood insurance.
the window of opportunity is to sell at a decent price and buy at an even more decent price. if you want to stay in the area but the goal is to downsize, assuming your have not lost too much or could go into foreclosure,then sell. if you plan to move out of area altogether soon, then refinance.
a good mortagage banker will show you your breakeven points and also look at your tax advantages. if you roll the points into the mortgage, you might have to wait longer for tax advantages. if only three years to go, you might want lower interest AND a shorter term mortgage or a five year arm with interest only. but, these are not necessarily good for longer term.