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Answers (2)
- Robert W. Szumilas, "Polaris Funding"
- Contributions:40
You need to take the new numbers from a proposed refinance and compare it side-by-side with your existing financing. What I generally do with my clients is to calculate the "break-even" point of when the closing costs are paid for with the monthly savings of the loan. Also, a lot of my current refinances are keeping the same payments, but shortening the time, i.e. they currently pay $2000.00 per month and have 25 years left, and they refinance into a 20 year at roughly the same monthly payment.
Rob Szumilas
- Derek Tunison, "Dtunison"
- Contributions:87
Depends on two major things loan amount, and how long you want to stay at the property, but with rates in the mid-high 4's it wouldn't be a bad idea.
Have a fixed 30 yr 5.75% Are we now low enough for me to refinance?
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