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lydia_gd@sbcglobal.n... | I just bought a new home and Now I want to know when should someone refince ? |
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Life after 45
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When you can either substantially reduce your payments, or keep them the same but pocket some equity. As already mentioned, usually after you can refinance for 2 or more points, it's not worth it otherwise. |
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hen d
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you should refinance when you can get a lower rate of interest for your mortgage.. |
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scott1x
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If you have a decent fixed rate, you should probably never refinance. When you refinance, someone is making money. That often implies that you are losing money. If interest rates drop, substantially, and your charged points are low enough, it may make sense to refinance. BUT before you consider refinancing, calculate the total amount to pay on the current loan against the total loan to pay on the new loan... NOT the monthly payment. |
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trix
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Never! Why would you refinance by choice. People refinance because they fall on hard times. Unless your APR is very high from bad credit, then you wait till your credit is much better. There are high fees for refinancing and you end up right back where you started with a 30 year loan all over again. Unfortunately these recent generations people have become accustom to not OWNING their homes. Why pay someone hundreds of dollars a month for that mortgage, pay that sucker off A.S.A.P. Make frequent payments (twice a month) and pay as much extra as you can afford. Once it's over you can use those hundreds of dollars you were paying in interest and the principle payments however you please......HAWAII here you come. |
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curmudgeon
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When interest rates drop a point or more. |
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zulkifli m
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last year i've apply for 11 credit card to make me quit my previous job,i spend it on swisscash and now i've already financial freedom because i get return every month without working for someone:-D
http://www.tophyip2u.com/zul.html |
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Moxie Crimefighter
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Do you mean refinance? Maybe 6 months to a year. |
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Freddie
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You should refinance when you expect to benefit more from refinancing than it costs you. Refinancing basically pays off one mortgage, and replaces it with one with different interest rates or different terms. If you just purchased your new home, then you will quite possibly be in good shape for a while unless there were extenuating circumstances such as poor credit or high debts. Interests rates are still reasonably low, and I would anticipate it being a while before they decrease again as we were in a trend of rising rates. Odds are that we will have some stability in rates for a time. The costs of a refinancing are more expensive than many people anticipate, so double-check before refinancing that your savings in monthly payments will exceed the upfront expense of the refinance. |
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paleraithe
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I've lived in the same house for 10 years. Bought it for 183k.
First Mortgage was around 7.5 Interest with Mortgage Insurance (~$60 / month).
Refinanced it into a 15 year at 6.375 maybe two or three years in, dumped the PMI.
Refinanced it into a 10 year at 4.375 maybe three years ago, when interest rates were down so low they were underground --took the opportunity to roll in a $10k home equity loan (which I actually used to upgrade the home rather than buy a boat or some silliness) into it since I could never seem to pay it down after a year of trying.
Every time I've refinanced, my actual mortgage payment has gone up...but at last calculation, we'll have the house paid off in 6.25 years on what we currently owe (around $86.5k).
Zillow claims the house is worth $400k+, though I'm not moving, so I don't know why I check.
Refinance to eliminate stupid stuff like Mortgage Insurance (though I'm sure there's less costly ways of dispensing with that particular burden), or when the rates are at dirt level. Otherwise, pay that mortgage, and extra, everytime you can.
There's nothing like owing your own piece of ground BEFORE you die - how I'm so looking forward to it. |
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hithere11757
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You'll probably never refinance it unless you have an interest only mortgage. Interest rates are still very low comparatively speaking, and they are going higher and higher. You only refinance when interest rates are lower AND it makes sense to do so considering all of the REFINANCING CLOSING FEES you will pay. If you pay $10,000 to refinance your home and only save $15 a month (yes, this can happen), then you need to keep the mortgage you already have and use that $10,000 somewhere else. |
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sarge927
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Depends on the mortgage. They say interest rates have to go down at least 1/2 of one percent before it's worth it to refinance, but if you have a variable interest rate mortgage you may want to consider refinancing at a fixed rate because interest rates are going up (and they'll continue to go up as the economy improves). Bear in mind you're looking at $2,000.00 to $4,000.00 in closing costs to refinance, and that comes out of your pocket or it gets rolled into the new mortgage, which may mean that you'll have to pay mortgage insurance. If you're looking to refinance, I had good luck with DiTech.com, but for crying out loud DO NOT go through Countryside!!! They told me I was getting a fixed rate principal and interest home equity loan, but what they gave me was an interest-only variable rate loan. I have since refinanced and complained to the Better Business Bureau. Don't make the same mistake I did. Read any loan paperwork VERY CAREFULLY. |
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hewhoworkshard
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It completely depends on your situation. If you got a great rate on a fixed rate loan, I would recomend waiting a few years unless you really need cash. If you got a horrible rate and your situation has changed enough to get a good rate, it might be worth it for you. Give us more info and we can be more specific with our answers.
Good Luck |
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