Real Estate

Too busy to decide RENEW or REFINANCE = 6 month open??

  • Last Updated:
  • Feb 24th, 2021 10:01 am
[OP]
Newbie
Sep 12, 2020
3 posts

Too busy to decide RENEW or REFINANCE = 6 month open??

2 jobs, other people needing my attention = no time to deal with my mortgage.
It renews in the next few days and I can't still decide to RENEW or REFINANCE with lender
FOCU = 1.89

Thinking I should take next fews weeks and research and hope better rate and decide
what I should do. This means my mortgage switches to a 6 month open and my payments
will be $870 for 2-3 months vs. $630, until I do more research and decide which path to proceed.

I need new roof and windows. Do I go RENEW and just get 2 mortgages
1) for payment of house
2) home renos

or do HELOC?

Is taking 2-3 months and paying extra $$$ worth piece of mind?? Knowing I did what felt right (doing research for better rate)?
1 reply
Jr. Member
User avatar
Aug 14, 2020
180 posts
168 upvotes
You can save a bit by shopping it, but you do have to fill in an application and be able to send docs in.

A refinance is possible, so is a straight transfer or transfer and add a HELOC.
.

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