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Refinance Now??

November 7, 2010

With current 15 year mortgage rates hovering around 4% APR and 30 year mortgage rates hovering around 4.3 now may be the time to refinance. This will not be the same refinancing you did in the late nineties where you refinanced your house and got some cash back and maybe took a trip to Hawaii. Known as a cash out refinance not many of those happening in today’s market. Most people refinancing today still have their good credit and ability to pay their mortgage on time. A lot of people are simply going from a 30 year mortgage to a 15 year mortgage to pay it off before retirement as the difference in interest rates make their payment not that much higher with the 15 year loan. In some cases People are bringing cash to the table and doing a cash in refinance, due to the mortgage meltdown their homes have fallen in value and they need to bring cash to the table to get to the twenty percent equity threshold so they don’t need to pay Private Mortgage Insurance.

Is refinancing for you now with these rates a good idea? That’s only a question for you and your spouse and your personal situation you can try some of the different mortgage calculators online here zillow.com, Quicken.com or just talk to your CPA or mortgage broker. Another option is your current lender I know Wells Fargo offers a no cost refinance to homeowners with a current mortgage through Wells Fargo bank. So good luck with your refinancing. Hopefully you save a lot of money on your monthly payment and maybe a lot of interest and a few months off your loan

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From → money, people

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