4 years into first mortgage @ 4.5 % should I refinance @ 3.6?
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Thread created 06-05-2016 by nate81
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yes although I can't tell you necessarily how much the difference will be.
A quick look with some assumptions, 30 yr fixed from amerisave, for a similar rate and payment, the points are higher for...
4 years into first mortgage @ 4.5 % should I refinance @ 3.6?
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Thread created 06-05-2016 by nate81
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8 Replies
2,550 Views
I didnt take that into account...is that common practice? I know nothing about refinancing.
4 years into first mortgage @ 4.5 % should I refinance @ 3.6?
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Thread created 06-05-2016 by nate81
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Did OP take into account that cash out refi's usually have higher rates than limited/no cash out? That would make the decision easier if the rate spread wasn't as much as OP hoped.
4 years into first mortgage @ 4.5 % should I refinance @ 3.6?
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Thread created 06-05-2016 by nate81
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if you refinance and take 30k in cash, you are paying 523 vs 386 per month or approximately 49k over the life of the 30yr mortgage.
as far as refinancing from 4.5 to 3.6% on 85k, it really depends...
4 years into first mortgage @ 4.5 % should I refinance @ 3.6?
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Thread created 06-05-2016 by nate81
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PBP = pay back period - the time span which the refi will have paid back itself. If, say, it takes 2 years to pay back but there's a good chance you'll move in 1.5, then it doesn't make sense to go...
4 years into first mortgage @ 4.5 % should I refinance @ 3.6?
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Thread created 06-05-2016 by nate81
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We still owe 85k.....we have 70k equity in the home. We would refinance and make the loan 115k or so to remodel some rooms that need it at some point or another anyways. Rates are lower now than...
4 years into first mortgage @ 4.5 % should I refinance @ 3.6?
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Thread created 06-05-2016 by nate81
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8 Replies
2,550 Views
Run the numbers, the biggest variable will be how long you plan on staying there - and what the PBP is WRT interest rate and cost to do the refi.
As for me, I wouldn't cash out - what are you...
4 years into first mortgage @ 4.5 % should I refinance @ 3.6?
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Thread created 06-05-2016 by nate81
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2,550 Views
Wait until you can pay cash for the remodel.
4 years into first mortgage @ 4.5 % should I refinance @ 3.6?
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Thread created 06-05-2016 by nate81
-1 Score
8 Replies
2,550 Views
First time home owner.....4 years into my mortgage and the rate is 4.5%....I have around 70k equity in the home but it needs a kitchen and 2 bathroom remodel....I owe 85k.
Should I refinance...
