Should i refinance my house if im planning to move in a year or less?

Alix
my house is a 7.125 now and the interests rates are down now im being quoted at 5.20 but i want to go lower.. but im also thinking of saying screw it and move closer to work...what do ya think?

Brian
Is your credit rating that good? Here's a rule of thumb: Do not refi if you are not planning on staying in your property over 5 yrs. The closing cost would not be worth it.

Cecil
If you think you can sell the home you are in and want to move I would go that route. However, with the housing market being so bad, I would consider a refinance. I was always told that if the rate went down 1 point lower than what I had to consider refinancing. However, you must consider the cost of a refinance, and if you are wanting to move. I would ask how much it would cost to refinance and go from there. It would probably save you some money to refinance, but you would probably only save if you were to stay in the home longer than a year or two in order to recapture your cost of the closing cost on the refinance. You have a few options to consider before making a final decision. I hope this helps..

Tiffaney
The lender can tell your when your "break even" point is. They run the numbers in a few minutes. Mine was about 6 months. After that, I was benefitting from the Refi.