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Answers (9)
- Jason Hall, "Jason Hall"
- Contributions:38
Yea it's all about the math. Rates are so good now, it would be tough for it NOT to be a good idea for you. Unless you plan to move in the next few years down here to Salt Lake County for example, you should jump on it and save the money.
- Don Groff, "Austin Texas Lender"
- Contributions:119
You really just need to sit down and do the math. The longer you will be in the home and have the loan the more it will make sense to refinance. Right now there are zero closing cost loans in the 4.625-4.75% range so you should definitely take a look at what options are available to you and see if they make sense based on your time horizon in the home.
- Christine Hynes, "LoanModSpecialist"
- Contributions:543
many say 1 pt makes sense but you need to look at loan costs, loan size, and reamortizing to any 30 year fixed, sometimes it doesn't make sense to start all over again.
- Mike Harrison, "mikeharrison"
- Contributions:28
You will want someone to calculate a true interest break even point. It is fairly simple to get enough information to make a good financial decision.
Hard costs / monthly interest saving = break even in months
Then simply decide how long you plan to keep this loan. If your break even point is before you will payoff the loan. It is worth considering a refinance.
What is nice is you can basically choose how much you would like to pay for closing costs by manipulating the interest rate up and down. This can be a great financial strategy.
Hard costs / monthly interest saving = break even in months
Then simply decide how long you plan to keep this loan. If your break even point is before you will payoff the loan. It is worth considering a refinance.
What is nice is you can basically choose how much you would like to pay for closing costs by manipulating the interest rate up and down. This can be a great financial strategy.
- Bert Billings
- Contributions:14
Do a 4.875% no cost refinance
- Rachel Rosen, "RachelRosen"
- Contributions:1493
Add the closing costs you paid last year, and the closing costs you would pay this year. Will it save you more than it's costing you?
- Nic Netherton, "Colorado Lender"
- Contributions:7219
If you can afford a 15 year fixed that refinance may make sense. You going to need to pay quite a bit in fees to get to 4.5% on a 30 year.
- nuderenski
- Contributions:3
Ok....I owe about 195k on my mortgage. I am guessing my home is worth around $275.
I don't plan on taking anything out...I just want a straight refinance. I also don't want to close with anything out of pocket. I also don't have plans to leave my current place anytime in the near future.
Is there any other info you would need to analize my situation.
I don't plan on taking anything out...I just want a straight refinance. I also don't want to close with anything out of pocket. I also don't have plans to leave my current place anytime in the near future.
Is there any other info you would need to analize my situation.
- Chris Jones, "Christopher Jones"
- Contributions:135
When is it worth it to refinance?
Any expert advise out there?
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