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In response to
"that's good to know"
by
Reagen
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The other thing to consider is how long it'll take you to recoup your closing costs and fees on the new mortgage.
Posted by
Trish (aka Trisha)
Feb 7 '09, 13:45
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If it's under 2 years, then it's a good deal. If it's over, then you have to determine how long you'll be staying in the house and pro-rate it accordingly.
Note: Crash's parents are both big time realtors and we hear lectures about this stuff all the time. Evidently a lot of people get themselves "upside down" in their home loans even though they've gone to a loan with a lesser rate. :)
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