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I have a 6% mortgage should I refinance

  • December 18 2008 - Chester
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Answers (5)

The answer to your question is best answered by a Mortgage professional that you trust.  Every situation is unique today, its just not like it used to be when the rule of thumb was to wait until you could drop your rate by 1.5% to 2%.  Be prepared to give your beginning loan balance, current loan balance, P&I, annual taxes and insurance.  Also be prepared to explain exactly what you want to accomplish, would you like to take cash out to do some upgrades or repairs, or do you simply want to lower your rate on a streamline refinance.

In today's economy, I would stay away from shorter term mortgages and stick with the 30 year.  If you make extra payments toward your principal you will reduce your term and save the long term interest.  If times get tough you are not stuck at a higher payment.

Hope that helps :)

  • December 19 2008
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There are a few factors to think about when considering a refinance such as; the cost to do this versus the savings, your value in relation to the balance that you owe, how long you intend to stay in this home. These are but a few. Give a call to the lender that holds your current mortgage and they may be able to offer you the lowest closing costs in order to retain your businees. But you can always call me, as well!
  • December 19 2008
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If you are going to stay in the house and you would save a considerable amount per month, you may want to think about refinancing.  Contact me for more questions.
  • December 18 2008
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Too little info... but, if you think you could handle a 15yr loan those rates are extremely low (well below 5%) and the payment may not be much different than you are paying now . . .  trade in that 30 loan and get a 15yr term . . .  now that's taking the opportunity to plan for the future.

RB
  • December 18 2008
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Rates are under 5%, what is your loan amount and equity.
  • December 18 2008
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