Should I refinance my mortgage interest rate?
Question by : Need to I refinance my home loan interest price?
Really should I refinance my interest price on my house home loan? I have been in my house for 9 years and an worker from Chase finance (Chase is my current lender) mentioned for me not to refinance since I have compensated off a great part of the curiosity. Is this true? Should I refinance? My Chase house loan curiosity charge is 6.five fixed.
Finest reply:
Remedy by an individual
Except if you get a rate of four.five% do not bother. Closing charges will consume up the tiny month-to-month savings
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Have a loan officer run the numbers for you. You have paid down your mortgage so your balance will be less, therefore your loan amount will be less. Look at a 20 year mortgage. If you have good credit you can get below 5%. You will skip making a payment the first month of your new loan so plan on bringing that amount to closing rather than putting all costs in your loan.
If you intend to stay in your home for several more years it may be worth it to refinance. Get opinions from several lenders. Then you can make an educated decision.
http://loanrefinanceadvice.com/refinance-programs/ has everything you need to know about refinancing, refinance rates, and what steps to take if you are interesting in refinancing.
Can you refi into a 15 year loan? If you are in a 30 year loan and you refi, you’ll go back to square one to save a few bucks each month. 30 more years of payments!
If you are planning to move in the next few years and don’t think you can afford the current payments, then maybe a refi is a good option.
If you are planning on staying in the home for a long time and you dont have a problem with the payments then I wouldnt do it… If you could get a really good rate (you have good credit) on a 15 year loan and your payments are going to end up about the same I would do that for sure…