Consumption and Real Estate
When Should You Consider Refinancing Your Home?
Question : When Should You Consider Refinancing Your Home?
With the intrest rate going down when should you consider refinancing your home. I’m locked in at 5.875% (Fixed)and the intrest rate is going around 5.680% at what point would it be worth making the move. Is there any rule of thumb that one should follow?
refinancing your home
Best answer:
Answer by NetAdvisor
prob look now.
FED has cut rates 1.25% in the last week to today.
Look at no cost refit. Countrywide Mortgage had an offer like this. See if still avail.
Don’t take cash out of refi. It is debt. Just lower your payments.
A good rule of thumb is that if the interest rate on your current mortgage is at least two percentage points higher than the prevailing market rate, you’re a good candidate for refinancing. It is said that 2008 is a window of opportunity for refinancing and that it will be gone in 2009. My suggestion to you is to look over how much you will save long term. Hope that helps.