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Is the last week in December the best time to refinance a home mortgage loan?

  • November 28 2010 - Folsom
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Answers (9)

No..... the first week in November was. Calendar has no bearing on mortgage rates as we are now experiencing. Economic indicators and trends dictate the market rates.
  • December 01 2010
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If you close at the end of the year less tax impounds are due..as little as 2-3 months instead of up to 9.  That makes a refi much more advantageous for your cashout or your closing cost total.  Tough to outguess the market, but if rates fit, it can be a little "cheaper" right now in terms of what you have to bring in to close.
  • December 01 2010
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Outside of the obvious of rates being low, the only reason I can think of it being a benefit of closing before January 1st is if you are paying your closing costs in cash.  Some of the cost can be tax deductible if you are paying from savings (Disclaimer:  Talk to your tax professional for your tax options and advantages).

Steve is absolutely correct that the only way a professional mortgage planner can answer specific questions for you is to prepare a total cost analysis of your individual and specific situation.  If you want a comprehensive review feel free to contact me.
  • November 29 2010
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There are many variables to consider when reviewing your refinance options.  The best way to determine which option makes the most financial sense and matches your overall goals is to have a TOTAL COST ANALYSIS provided to you.  This analysis will break down the interest left on your current mortgage(s) & compare the interest and costs of refinancing, along with strategies on how to best use/re-direct the savings.

When is refinancing a good time?  When the cost and savings are in line with your goals.  Feel free to contact me with any questions.  We'd be happy to provide you with more information.

Best regards,
Steve

  • November 29 2010
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The best time to refinance is when you believe (based on credible information) that the interest rate is at its' lowest for a predetermined lenght of time.  So if you believe the rate will not jump before the next few months then jump on the refinance. :)
  • November 29 2010
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Profile picture for XanderTeam
The key is knowing what's going on in the market and how those items impact interest rates.  For instance, with this past weekend being a huge shopping weekend, data on how many shoppers and the amount of $$ spent will have an effect on the stock market, and thereby effect the bond market. 

I would recommend working with a local lender who can give you solid advice on where rates are trending.
  • November 29 2010
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Profile picture for Mills Realty
Isn't the best time to refinance when rates are low?  With the recent increase in rates it looks like the best time to refinance was last month.
  • November 29 2010
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No, it's not like when you want to buy a car by getting best deal at the end of the year.  You should refinance when rates are low and it's beneficial for you, but the last week of December has nothing to do with that.  Good luck :-)
  • November 28 2010
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Profile picture for the_country_hick
The best time is when rates are low. Knowing when the rates will be the lowest is impossible. Anything could happen that causes rates to go higher or lower.

After the federal reserve announced it was going to buy federal debt interest rates increased when everyone figured they should drop.
  • November 28 2010
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