Asked by southb, Farmington, CT • Thu Oct 6, 2011
I purchased my condo in May, 2009 with the intention of taking advantage of the 1st time homebuyer's credit AND because, at 53, I thought it was time to own my own home instead of renting. Everyone told me that I'd be saving money, building equity, etc. At the time, house prices were way down, but condo prices had stayed the same. The condo I bought is in a gated community populated primarily by 55 residents. It has a pool, tennis courts, dog play areas, and it's surrounded by a golf course. I need to leave this state in order to get back into my profession, so I was planning on selling in May, 2012; BUT in 2 years and 5 months, my condo's value has dropped -- I paid $225K, and now it's estimated at $180K. I will definitely rent it if I can't sell -- since I'm stuck with it, should I try to refinance? What are the costs of refinancing? Would the difference between 4.87% and 4.0% be worth those costs if I have to keep the place for another 10 years?
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