Refinancing Questions

[Teufelhund]

Use one of the many mortgage calculators online to see a visual representation of the money you'll save by reducing your interest rate. If you are planning to keep the house until it's paid off, the savings are substantial with even fraction of a percentage lower rate. I've refinanced twice in the last 18 months to take advantage of the dropping rates. Down from 4.75% to 3.75% now and it is going to save me over $40,000 over the life of the loan. I've got a VA loan, so I've never had to bring any money to the table at closing; I don't know much about the other types of loans.

[HBARleatherneck]

delete

[sbouslog]

Done

[BUC303]

Yeah depending on your credit you should be able to get well below 4.23% interest rate today. If you have an FHA loan you used to be able to "streamline" them and not pay any out of pocket costs or fees to get a new rate (not sure if that has changed). I would talk to a broker don't just rely on your bank or you won't get the best rate possible, you'll get the best rate they want to offer you.

[KestrelBike]

Use one of the many mortgage calculators online to see a visual representation of the money you'll save by reducing your interest rate. If you are planning to keep the house until it's paid off, the savings are substantial with even fraction of a percentage lower rate. I've refinanced twice in the last 18 months to take advantage of the dropping rates. Down from 4.75% to 3.75% now and it is going to save me over $40,000 over the life of the loan. I've got a VA loan, so I've never had to bring any money to the table at closing; I don't know much about the other types of loans.

Nice!