What are refinancing pros and cons

[Sheree Wegenke]

Besides getting a better rate, is refinancing a good idea? First property was bought with a 30yr FHA loan and we'd like to get the PMI removed, but what if we cant get the same or better rate? We also dont really want to start the loan term over again - pros/cons?

[Derek Harris]

Originally posted by @Sheree Wegenke:

Besides getting a better rate, is refinancing a good idea? First property was bought with a 30yr FHA loan and we'd like to get the PMI removed, but what if we cant get the same or better rate? We also dont really want to start the loan term over again - pros/cons?

Also, take into account the break-even point. How long do you plan on holding to that property? Verify what the closing costs are going to be.