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Profile picture for dcosgrove01

At what point is it advisable to refinance a mortgage? Currently at 6.5% 30 yr. fixed.

  • December 18 2008 - Aurora
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Answers (13)

Mortgage rates are really low!

Check out this page for the latest information.
  • July 09 2009
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right now!
  • July 09 2009
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Yeah, if you are above 6%, it's probably worth it. Depending on your loan size, if you can get a half point better, it's worth it.  And you can certainly do that.
  • May 28 2009
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Profile picture for f1rstborn
how many years are you into the loan so far?
  • December 21 2008
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Profile picture for Inaas
If you are qaulified and you can get a loan based on current values on homes. the answer to this quesiton will depend on 2 issues:
1- how long are you planning to stay at your current home.
2- what is the rate that you can get.

from a biz stand point you need to figuer out how long it will take you to break even on your refinance. what i am trying to say is this, if it cost you $5,000 to refinance then at the current rate you need to see how long it will take you to make the $5,000 back. if it takes longer than what you are planning on staying in your home then you should not go it if less time then you should refi asap. 

Hope this helps
Inaas
 
  • December 19 2008
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Here ya go . . . trade that 30yr loan in for a 15yr fixed rate at or below 4.5% . . . take advantage of lower rates to build some equity and pay off your loan!  Now is the right time . . . call me for more information on this really great option . ..

R
  • December 18 2008
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Now. 30 yr below 5%......!
How much interest could you save between a 6.75% and 5%?
What's the mortgage amount?
  • December 18 2008
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It depends only on if you will recoup the fees associated with the new mortgage by refinancing.

But your question, I think, is when are rates going to be the lowest? To answer that one would have to have a crystal ball and nobody on here has a crystal ball. I think only Obama has a crystal ball.
  • December 18 2008
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It is important to refinance when rates are low, when you know you will be in the house long enough to make the cost back.  Right now is a great time to refinance, If you plan to stay in the house.

Derek Tunison
Sales Manager
Gold Star Financial
  • December 18 2008
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Profile picture for CORONA NICK

Depends, how long are you planning on staying in the home?

  • December 18 2008
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As soon as possible.  Lock-in a rate now.  Rates might so higher later.
  • December 18 2008
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Profile picture for puskeygadha
good time now
  • December 18 2008
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At this point.
  • December 18 2008
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