Need some advice on deciding to REFI my home loan. I know there are cost and fees associated so I’m not sure if it’s worth it for me. Here are the details: I am prequalified for a 2.5% interest rate (2.671 APY) for 210k mortgage amount. I bought my place in 2016 with a loan for 208k at 3.5%. Property will probably appraise today for 425k. Would love to cash out refi and invest money but not if my monthly housing payments are significantly higher. THANKS

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Depends on what type of investing you want to do! Refi for the rate? Yes! Especially if you are going to stay in the property for an extended period of time. There are resources online to help you determine the break even point on the refi with fees and savings. Cash out? Maybe. If it’s to buy more real estate, consider a HELOC.

If I could cash out, I would likely use it to invest in index funds and dabble into some individual stocks. Definitely want to invest in real estate as well, however maybe not in the next year or so as the market is too hott. I know heloc can be smart, but I don’t like the idea of borrowing against my property. Would rather cash out refi. Don’t know if I plan to live long term, but property is in great location so I would rent out the property long term or at least wait until break even if it makes sense to sell. Do you have any good refi tools to suggest or should any suffice on google?

Your rate is really good currently . All depends on the cost to refi

Usually how quickly I can recoup the cost in principal reduction especially if you are planning to sell in the short term . Also consider you are adding the years you paid off to the life of the loan if the terms are the same . I looked into doing this but only was going to do it if I can swing the higher pmt since I was going from a 30 to 15yr

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