Refinancing
Have you checked your current interest rate recently?
Interest rates are really low. Like all-time record low. Like if you bought your house two years ago, you would save some serious buckaroos by refinancing. Check out these average average monthly mortgage rates.
Interest rates are really low. Like all-time record low. Like if you bought your house two years ago, you would save some serious buckaroos by refinancing. Check out these average average monthly mortgage rates.
http://www.freddiemac.com/pmms/pmms30.htm
If you bought your house and locked an interest rate in 2014, your interest rate rate was probably something around 4.14%. In the month of June 2016 the average interest rate was 3.57%.
Many factors will dictate whether refinancing will actually save you money...I'm not a financial planner or anything like that...but...here are some tips I've picked up over the years:
Some Factors:
Current and Future Interest rate
Current and Future Interest rate
Fees charged
Whether or not you will be charged points (e.g., if you put less than 20% down)
How much you owe on your house
Below are some different monthly payments based on interest rates (don't forget to add your homeowners insurance and taxes to your mortgage amount) to give you a starting point for your research. Also, FYI if you use bankrate or one of those other lenders...expect to get high pressure style sales calls from mortgage brokers. Be careful and read the fine print!
30 Year Mortgage
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Loan Amount
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$300,000
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Note:
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0 Points
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Interest Rate
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4.43%
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4.17%
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3.50%
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Monthly Payment
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$ 1,508
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$ 1,462
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$ 1,347
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Remember it only makes sense to do all of this stuff, if it will save you money!
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