Updated about 5 years ago on . Most recent reply
To refinance or to not refinance?
Hi BP community,
This is my first post! I bought a primary residence (2 homes on one lot) 6 moths ago with 5% down and a 4.1% interest rate. My loan states I need to live in the home for 1 year and the goal is to buy another primary residence in 6 months with a 5% down payment. I can refinance now at a 3% interest rate, but this will restart my year. My question to the community is, would you refinance and restart the 1 year clock or sit tight with the current mortgage, pay a little more, and then purchase another primary residence in 6 months? There are benefits to both sides and I'm a little torn. I would save a few hundred dollars a month with the refinance.