 n1zukmaking really tiny tech thingsPremium
join:2001-10-24
Malta
kudos:2 | reply to talz13
Re: Refinance mortgage after first year? $3000 is pretty steep for a refi, if you have good (700+) FICO score. Half of that (or so) is more reasonable. (Closing costs are much lower on refi, less people have their hand out).
Payback of refi cost should usually be more like 16-18 months, for it to be a good deal.
The 1% rule is pretty universal, though it depends on financed amount, current interest rates, and closing costs.
--
Smoke 'em if you got 'em |
