refinance mortgage is it worth it?
How much of a rate deduction is it worth to refinance your home? I am only 4 years in to a 30yr mortgage. I cant pay closing cost either. I am at 6.25 and sounds like I can get around 5%
- glennLv 78 years agoFavorite Answer
Call your current lender. They may give you the best rate. The 5% must be either that you are taking a high rate so you don't have to pay closing costs or because to have bad credit. It you pay your closing costs out of pocket and have great credit you would probably be looking at much less than 4%.
Figure the old payment and the new payment- how long will it take to save enough to pay back the closing costs? If you will be there longer than that- I would take the deal.
- belieuLv 44 years ago
likely no longer well worth it for a million.25%, except that that's an quite new personal loan. you need to run the numbers to be certain for positive. Are you positive you could not get a decrease price? we are contained in the approach of refinancing for 3.5% on a 9 year observe, and that is a more beneficial price by way of imperfect credit. save round for decrease prices.
- 4 years ago
Quite a few great answers here
- Anonymous4 years ago
Don't consider this is true
- How do you think about the answers? You can sign in to vote the answer.
- MARKLv 78 years ago
You might be able to get one for 4.25. Yes, it would be worth it.