Primary Residence ReFi Dilemma - Advice Welcome

[Erin McLellan-Dawe]

We had an issue come up on our primary residence during refinancing. The property appraised for less than last year, the year of purchase, such that we’d have to put in about $33k at closing.

2018 Appraisal Value and purchase price was $420,000 - 4 bed 2.5 bath finished basement; great school district and quiet neighborhood street in NW Suburbs of Chicago...overall things look to be holding value. Latest appraisal $379k.

We would save $400/month on the P&I, for about 14% ROI. Payback would be about 7 years. We are trying to decide if this is strictly an exercise in how much liquid funds we want to have available, along with a comparison of ROI to any other potential investment, or are we missing another consideration. Looking for any of your thoughts.