2006-12-05 01:02:52 · 4 answers · asked by ceelo 1 in Business & Finance ➔ Personal Finance
As a loan officer, there is no specific time to refinance. It is a question of your personal financial situation. These are some reasons your should consider refinancing.
1. Rate seems to high
2. Looking to lower monthly payments
3. Consolidate debt, take cash out
4. Are in an adjustable mortgage
If you are questioning whether or not you should refinance, you should at least look into it and see what your options are.
The best calculation to determine if a refinance will be beneficial is to calculate how much you pay a month in interest right now. Try to determine how long you would plan on being in the new mortgage. Calculate those monthly interest payment plus your closing costs. I hope that this helps.
2006-12-07 06:16:57 · answer #1 · answered by Mama of Four 4 · 0⤊ 0⤋
why do you want to refi? why dont you call me, 203-729-8900 x111, or 203-410-4427, and i can help you, i'm not gonna try to sell you a mortgage(unless you want one) but i am very good at what i do, and i can definatly point you in the right direction, and help you decide whats the best course of action for you. what exactly is it that you want or need (to accomplish) ? and how can i provide it for you?
i know an awful lot about finances, and mortgages, and debt, and rates, and cashflow, and investments, i'm the real deal, and if you are thinking about refi-ing, consult with an expert(you go to a doctor when your sick, and a plumber for your pipes, and ME for mortgages). gimme a call, no pressure, no obligation, no one's gonna ask you for a 500$ application fee, or anything crazy like that. talk to you soon.
2006-12-05 12:17:12 · answer #2 · answered by David P 2 · 0⤊ 1⤋
I wouldn't...unless you can get a much better rate....unless your on a fixed rate. if that's the case...I wouldn't do it! With the cost you pay to refinance....you could pay that much on the principle, and save in the long run that way.
If you can afford it, try to pay at least $100 extra on the priniciple each month. That will help you rnote go down each year.
Good luck.
2006-12-05 09:09:49 · answer #3 · answered by TexasRose 6 · 0⤊ 1⤋
please put some real numbers in the question for real answers.
fixed variable rates, 10, 12, 15, 30 50 yr notes,
80%, 80%20%loan, balloon, serious info is needed for a real answer.
2006-12-05 09:26:19 · answer #4 · answered by Anonymous · 1⤊ 0⤋