Anonymous asked in Business & FinanceRenting & Real Estate · 8 years ago

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%

5 Answers

  • glenn
    Lv 7
    8 years ago
    Favorite 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.

  • belieu
    Lv 4
    4 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

  • Anonymous
    4 years ago

    Don't consider this is true

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  • MARK
    Lv 7
    8 years ago

    You might be able to get one for 4.25. Yes, it would be worth it.

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