- This topic has 5 replies, 5 voices, and was last updated 8 years, 8 months ago by Anonymous.
- May 5, 2011 at 10:26 pm #206372AnonymousInactive
with the fed cutting the rates so low, now would be a good time to think about refinancing right? my mortgage interest rate is currently 6.25 fixed, i think we owe about $95,000 on it. my husband and i have excellent credit, and we’ve been in our home for 5 years. would refinancing lower our monthly payment significantly, how much does it cost to refinance?
oh weve also paid our mortgage through march, so how would that work if we did decide to refinance
- May 6, 2011 at 4:30 pm #262143AnonymousInactive
We were in the middle of locking in 4.875% for a refinance today when rates went back up. We’re hoping they’ll go back down. Like you, we’re at 6.25%. The closing costs I was quoted today were about $3500. Our payment would reduce by about $130 per month, so it would take us 27 months to recoup upfront closing costs. We plan to be in our house for more than that so it will be worth it for us to refinance.
You should use some mortgage calculators (try bankrate.com) to see how much you’ll save per month and how many months it will take you to make up those costs. Then decide if you will be in your home long enough for it to be worth it.
As for what you’ve paid upfront it may depend on how its been allocated. If its sitting in an escrow account you’ll get a refund.
- May 6, 2011 at 11:45 pm #264144AnonymousInactive
Now is a good time to refinance. I hear rates could be as low as 4.75%, so it is definitely worth refinancing. Refinancing will lower your payment, but something to consider is reducing the # of years on the mortgage to a 15 or 20 year, the payment difference is not that much, but the difference in what you pay out in interest over the life of the loan is HUGE!!
In regards to your mortgage being paid thru March, just lowers the amount of the payoff at the time you close and lowers the amount you need to borrow in order to refinance.
Start shopping rates with your bank institution first, credit unions are great. You want the best rate, but you also need to consider the closing costs involved.
- May 8, 2011 at 4:49 pm #267999AnonymousInactive
This is the right section
Enter your numbers here.
- June 10, 2011 at 2:43 am #433574AnonymousInactive
ontact an independant insurance agent. Most have the ability to quote multiple companies.
- June 10, 2011 at 2:43 am #433575AnonymousInactive
I would check out InsureMyHouse.com They list local agents by zip code.
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