Refinance Question



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Answer #1

Great question. Here’s how I help determine if a refinance makes sense. There are three steps.
1. What will it cost?
2. What will I save?
3. How long will I be in the home?
Divide the cost by the savings. So as an example I am refinancing a condo right now. The closing costs are about $2,710. The savings is $225 a month. It will take them 12 months to hit the breakeven point. So if they are going to stay in the home for more than a year it makes sense. If not then it doesn’t. You can look at that as an option or perhaps a no closing cost option. A good loan officer will review your entire application and make some suggestions and then you can decide. Hope this was helpful and if you would like to take the next step please contact me at the below information. I am licensed in all 50 states.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50

Answers Answered By: Brent Mendelson Level Rating133points

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