1. Do I do the short refinance on my house or let it go? All responses welcomed.
1. I can do a short refinance on my house for $302k, initial rate of 6.75%, payment $3200. $11,000 down
2. I can immediately refinance this (already checked) to 3.65%, $2400 a month
4. house worth $400-$410k
5. I have already filed for BK Chapter7 years ago so the house is off my credit report. If I 'let it go' it will be sold by the bank but have no impact on my credit. I have 2 years for that to occur but it will be stressful on me.
PROS of SHORT REFINANCE
1. no stress of not knowing how long I have the house
2. good deal on house
3. I need to live somewhere. I am not going to find somewhere for this much in the area I live in and rates may go up and I will have to have a significant down payment
4. house has been well maintained .. new roof, furnace etc and is 'known'
5. maybe get some house value appreciation as homes go up again
6. excitement of being able to 'live in the house' again. I feel like a boarder now and do not do much to fix it up etc. I guess thinking of having 'a' house or 'this house' fills me with excitmeent and joy. I have lived with instability for so long
1. I will significantly cut into my ability to save with picking up a house payment now if I do not increase my income to make up for this extra expense. I had not planned for one for 2 years more
2. Cut into savings now with the $11,000
3. I have a LOT in the air and things are stressful right now (one house not rented, just put $12k into a rental and =the 6 homes and 3 units are new to me still,though fully managed)
Mitigating factors. I can likely pick up extra cash with my side work to offset part of the cost. $1-2k). I expect an uptick in energy etc and joy witih being 'settled'
My heart goes with the house (and my accountant says it makes sense). My fear is that I am feeling unstable now.. though we have 4 showings for the house this week. If hte house was rented and I have more savings I would feel much more at ease
Question-Short Refi (keep the house??)