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Old 03-07-2020, 11:08 AM
 
82 posts, read 146,790 times
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Hey everyone,
Looking for some feedback on the mortgage credit certificate. I have one and my current interest rate is 4.375% on my mortgage. I’m looking into refinancing and I’m trying to figure out if it’s worth keeping it. I can refinance at 3.25% and keep my MCC or I can refinance with 3% but lose the MCC. What would you do? According to the county, I’m only allowed to refinance once and keep my MCC so this is a one time deal. These are 2 different lenders.
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Old 03-08-2020, 09:43 AM
 
585 posts, read 355,906 times
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Sorry, not familiar with MCCs. Is that a government issued mortgage product, or a lender enticement/entrapment for your initial business?
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Old 03-08-2020, 12:01 PM
 
Location: CA for now
110 posts, read 69,621 times
Reputation: 180
Did you calculate the savings of getting the lower interest rate? I think that would end up being a better deal in the long run if it's a few hundred per month.



The MCC is a Mortgage Credit Certificate - I believe you get a higher rate, but you get credits on your tax return.
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