Dear Kannon,

Before deciding to refinance or not, it is important to know how long you will live in the property, or if you plan to keep it long term, possibly as an investment property.

When you do talk with a lender, I highly recommend a Mortgage Planner because they look at your full financial picture.

One of the calculations to consider is the cost of the loan and how many months it will take you to recoup that money with your savings in monthly outgo. Lenders receive a high proportion of the money at the front end of the loan, so it is not always wise to pay the costs to get a lower rate loan. An experienced Mortgage Planner can help you determine that.

I am happy to refer you to excellent mortgage planners if you'd like.

Warm Regards,
Karen

It' a great time to refinance. Assuming that your townhouse IS worth $340K and will appraise for that or close to it, you should have no problem.

I highly recommend you call Tony Veliz at 206-261-1196 to get started. He will be a great resource for you.

If the house is worth $340k and you owe $265k, you are under 80% LTV. You should be able to refinance into a great fixed rate loan. It will only cost you closing costs, which are normally wrapped into the loan amount - in other words, no out-of-pocket costs except maybe an appraisal.

Let me know if you need a lender referral to get started.