WWYD refi, sell etc?

We currently are in a IO mortage with 6.5% interest. ITs a 10 year arm.

We could refi to 4. something 30 year fixed.

However we were considering selling but with the market the way it is we are learly with that.

Would you refi and sit tight for a few more years or attempt to sell?\


Just looking to what are insight are.

Message edited 10/15/2010 8:37:12 AM.

Re: WWYD refi, sell etc?

We are going through the same thing. We started the refi process but did not sign anything yet.
We are thinking about buying my MIL's house, but we are afraid that we are going to take a huge hit when we sell our house (we bought it at the height of the market).
We have already knocked off approx $10k off our principal and we would just be adding that back in closing costs if we refi. But then we would have to mortgage a little more if we buy MIL's house.
I'm really not much help here. Just thought I would share our situation.
Good luck whatever you decide.

Re: WWYD refi, sell etc?

Re: WWYD refi, sell etc?

I would first do a no-cost negative point re-fi. You don't want to pay any closing costs with refinancing if you think you might move soon. You won't get 4.25%... but you will still get something decent.

Then I would put a feeler out on your house. It doesn't cost anything to list it.

Just make sure you do the re-fi first before you put your house on the market and don't tell the bank you are selling.

Will your house appraise though for a refi? It might not if you say you will take a huge hit. Have a lot of equity?

Re: WWYD refi, sell etc?

Re: WWYD refi, sell etc?

If you are staying with the same lender and not adding any principal to the balance of your loan the closing might not be that much. We did a refi over a year ago and paid about 3K in closing costs...maybe a little less.

But its hard to answer your question without knowing how you feel about your house...
Does it fit your needs for say the next 5 years...
Ideally when would you want to see regardless of the refi situation.