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Churchill And Fannie Mae discussed on Dave Ramsey


A branch thank you for taking my call sure I can write on a hill well I want to know if I should refinance my mortgage I know with these great rate critic good time to do it but I'm going to be probably going to be selling my house and a couple of years so I don't know if it would be worth it well the formula is do you make the money back that you pay in closing costs with the interest saved before you sell and if you do then it might be worth it if you're gonna sell in two years I doubt it I don't know what your current interest rate four point eight seven five and it's a thirty year okay so if you got it down to two point eight seven five it was an example that some easy math that would save you two percent and what your loan balance just under seventy five thousand okay it's not going to work but I'll go ahead and work you through how to do it okay okay one percent of seventy five thousand seven hundred fifty dollars two percent would be fifteen hundred dollars a year that you would save by refinancing okay so if your closing costs are three thousand dollars it would take you two years to break even you follow me yes and your closing costs are going to be less than that but not much less than that so when let's say the closing costs were twenty five hundred dollars and you saved fifteen hundred dollars a year and you stayed exactly two years you would have made five hundred Bucks on this transaction is not worth run with okay all right that sounds good thank you but because you're not going to stay in the house the map done work that makes sense yeah that's kind of what I was thinking but just I know what the rate so low it just sounds so good you know what is good it is a good and if you were going to stay five years you know fifteen hundred dollars a year savings after you had recouped your closing cost for those other three years would make a lot of sense or if you found something where you can save two percent and the closing costs were virtually nothing so I'll tell you what you could do just for the fun of it because you have a very small mortgage and a traditional mortgage company like a Churchill doing a traditional mortgage of Fannie Mae is going to be too expensive on the small mortgage you might check your credit union and see if they have just a home equity loan type thing that has no closing costs at a lower rate no.

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