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JDubs
different, not less
Member since 7/09 13160 total posts
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refinancing q
at what point does it make sense to refinance? DH and I closed about a year ago at a 5% interest rate (and we put down 20%). Today I saw in the newspaper that they have rates as low as 4.3%!! Just not really sure how the process works, and at what point it would be worth it to refinance (ex- half a point, full point etc).. would love to hear about those that have knowledge on this.. TIA!
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Posted 6/3/11 10:15 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
caps612
In love with my little guys!!
Member since 8/10 5108 total posts
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Re: refinancing q
see what the difference in your mortgage payment would be... then you need to know how much the closing costs would be for the re-fi. Depending on on how long you are going to stay in the house, If you will re-coup those costs with the savings in your mortgage payment in less time then you plan to stay in the home, then it is probably worth doing it!
example:
Closing costs $4,000
Monthly savings in mortgage $200
4,000/200 = 20 months to re-coup closing cost.
If you plan to sell in 2 years... not worth it.
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| Posted 6/3/11 10:25 AM |
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jteach
2 and through
Member since 9/07 3939 total posts
Name:
Jess
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Re: refinancing q
my dh is a mortgage banker for Wells Fargo. If you would like some free info, he can provide all the info you need. Let me know if you would like his #
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| Posted 6/3/11 10:29 AM |
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Re: refinancing q
I think if you are not going to lower it at least a full point or more, it's probably not worth it. But I agree that it would be best to talk to a mortgage pro to crunch the numbers.
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| Posted 6/3/11 11:51 AM |
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JRG71
*****************
Member since 5/05 5025 total posts
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Re: refinancing q
More then 1%.
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| Posted 6/3/11 11:57 AM |
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IrishLasss334
I'll be there soon!
Member since 1/08 6549 total posts
Name:
Patty
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Re: refinancing q
Last year I re-fi'd with Wells Fargo - I have my current mortage with them anyway. It was called a Simple 1-2-3, or something like that, I did not pay any closing costs.
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| Posted 6/3/11 12:05 PM |
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mcl916
my two loves
Member since 10/06 5133 total posts
Name:
Megan
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Re: refinancing q
For us it was over 1% and we went with a shorter term (20yr versus 30yr)- our payments only went up a little bit.
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| Posted 6/3/11 1:45 PM |
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Re: refinancing q
Just because the paper advertises 4.3% doesn't guarantee that your rate will be that low...that may be for a 15 year mortgage,,,typically the shorter the term, the lower the rate (15 yrs at 3.875 vs 30 yr terms at 4.875).
DH is refinancing now and his rate is 5.375%. The only reason he agreed to refi with Chase is because there are no closing costs and we will be locked at 4.875 for the next 30 yrs ( we won't be selling for at least 5 yrs).
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| Posted 6/3/11 7:19 PM |
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