Legal Question in Real Estate Law in Illinois

refinancing

I have a general question about refinancing. What are the advantages and disadvantages of refinancing. I have owned property since 2001 and have been given offers from my bank and mortgage company concerning refinancing. Is it a good idea to refinance and have only owned since 2001? I am interested in paying a lower mortgage but don't want to get in added debt because of refinancing.


Asked on 10/07/05, 1:36 pm

1 Answer from Attorneys
Charles Dobra Charles Wm. Dobra, Ltd.

Re: refinancing

I don't know what your current rate is; but the "rule of thumb" is that if you can save 1.5 to 2.0 % in your rate, it is well worth the cost of a re-fi.

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Answered on 10/09/05, 8:27 pm


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