Is Your Mortgage Assumable?
The interest rate on your mortgage is already low (or, you don’t have a mortgage).
You’re allergic to paying bank fees.
And you’re not contemplating moving any time soon.
Should you still refinance?
The surprising answer is, perhaps “yes” — especially if your current mortgage is not assumable.
That latter feature could very possibly be the difference between having a sellable home in a few years and not — particularly if the Federal Reserve’s current machinations result in an inflationary spike (and dramatically higher mortgage rates).
Then, the couple grand in refinancing fees will have turned out to be very cheap insurance.
Your lender will let you know which mortgages are assignable, and which aren’t.