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Bank Says Refinance |
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My current mortgage company constantly calls me wanting me to re-finance to "save me money". I only have 8 years left on my current mortgage, which is at 5.75%, fixed rate. They try to tell me that if I re-finance for another 15 or 30 years, that I can then quickly pay the mortgage down, still pay the property off in 8 years, and save money by doing so. They also want to add the closing costs into the mortgage. They say that the closing costs would be about $6000.00, which also seems very high to me. I can't understand how all that would save me money over the long term. It seems to me that I would again be paying the interest down that have already paid, to say nothing of the closing costs. Do they think that I am stupid or am I truly stupid? |
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You don't say what rate they're offering you, so there's no way to figure out why they think you'd have a saving. If we had all the figures, it'd be possible to judge the matter better. |
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Edith
Originally published on May 12, 2008 |
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