Quote:
Originally Posted by NoSoup
I would actually recommend NOT doing this. There are significant costs associated with refinancing your home - even your automobile. I'm not trying to give the impression that you shouldn't refinance if there is a significant drop in rate, but make sure it is going to be worth the costs associated with refinancing.... Paying $3,000 in closing costs to refinance your house every six months to a year won't get you very far...
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I agree I would never do any of this. I'd say drive a vehicle you can buy outright or take public transits until you can pay cash. Loans and leases are a suckers bet usually. As for the mortgage, you're right closing costs make it a bad deal unless the interest drops several points. Doing it every six month is freaking insane. What's it going to do? Pay you interest at some point?