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refinance

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Icon Mini Profile cindysjg





Joined: 15 Apr 2011

Posts: 1

1.27 Dollars($)
Post Posted: Fri Apr 15, 2011 7:43 am    Post subject: refinance
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Is is beneficial to refinance w no closong costs for a 1.5 intrest rate deduction, if you planning on selling in a year? Will that hurt my credit score?
Icon Mini Profile dipaligopale





Joined: 25 May 2010

Posts: 790

22.70 Dollars($)
Post Posted: Fri Apr 15, 2011 9:22 pm    Post subject:
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Hi cindysjg,

Refinance won't hurt your credit score if you stay current on the payments.So definitely there is no problem at all even if you wish to sell the property within a year.You should go ahead with the deal ..No worries...

Feel free to ask any further query if you have.............

DIPA

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1.The best of intentions must still have directions !--Unknown author

2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?"
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Icon Mini Profile jimgilly
jimgilly
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Joined: 28 Jan 2010

Posts: 145
Location: USA
36.21 Dollars($)
Post Posted: Sun Apr 17, 2011 2:58 am    Post subject:
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The key question would be how certain are you that you will be selling in a year? If it's nearly 100% barring some unforseen even, then I would say no.

If on the other hand, there is a reasonable chance you won't be selling, then compare what you currently have and see if you can refinance with little or no out of pocket costs and get a lower rate and monthly payment.
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