rule of thumb for refinancing mortgage

Deciding to refinance comes down to whether it will actually save you money, says Casey Fleming, author of "The Loan Guide: How to Get the Best Possible Mortgage" and a mortgage professional in the.

Re: Rule of thumb for refinancing and time to recoup closing costs In looking at the savings it is also useful to look at what the payments would be to pay off the new mortgage in the same time period as the old mortgage. e.g if you have had your current 30 year mortgage for 5 years calculate the payment on your refi to pay off in 25 years to.

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I f you’re considering mortgage refinancing you may have heard of the two percent rule of thumb. This mortgage refinance rule states you should only take out a new home loan if the interest rate is two percent lower than your existing rate.

a New Jersey firm that tracks the mortgage market. "It doesn’t make any sense to look at the old rules of thumb because they simply do not apply." "It can make sense to refinance for as little as a.

Confused as to whether you should refi your mortgage? Here are the five key circumstances when you should refinance a mortgage. the primary reason most homeowners refinance their home loan. Back in.

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When Does It Make Sense to Refinance My Mortgage? An old refinancing rule of thumb says it makes sense to refinance when you’ll be able to get an interest rate that’s at least 1% to 2% lower than the one you’re currently paying. But many experts caution that this rule, though.

That’s a good rule of thumb to consider when refinancing. With a lower rate, you’ll pay less interest over the course of the loan. And that means you can lower your monthly mortgage payment, decrease your time to payoff the loan, and sometimes both.

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Mortgage interest rates have gone. it makes sense to refinance." But everyone’s financial situation differs. "Avoid relying solely on a general rule of thumb," Burrage says. "Make your decision.

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The 2% rule is an old rule-of-thumb for deciding whether or not to refinance your mortgage. The reality is, it’s not quite that simple, and never has been. This site uses cookies to offer you a better browsing experience.

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