Updated about 7 years ago on . Most recent reply
Which Refinance makes sense?
I Currently have a remaining FHA 4% mortgage of $529k. Mortgage was taken out in 2015. I would like to take use some of the equity in my house.
This is a investment property that I own, I no longer live here
My 2 Options are
1) Refinance to a 30 Year 5.75% w/ a closing cost of $12,000. monthly payment of $3680 a month. New Loan will be $541k
2) Refinance to a 30 Year 4.75% w/ a Closing Cost of $33,000 ( buying points). monthly payment $3,415 a month. New loan amount $562,000
In both senerios the closing cost will be included in the loan amount.