Jul 30
It is currently at 6.25% but I could refinance for 5.35%. We plan on having this home for atleast 5 more years, hopefully more, we are military, and will be renting it out when we move but are trying to keep onto it for as long as possible.
****refinance for 5.25%****
One Response to “Open Question: Should I refinance my home for a one percent lower interest rate?”
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April 1st, 2010 at 7:47 pm
on a 150,000 dollar home your principle and interest would be around 590.00 this does not include any of your escrows insurance, taxes…etc. I would tell someone that if they want to refinance try to do this if it is at least 1 point less than your current rate or if you are in a arm and need to refinance. Now is a good time to refinance so it could possibly say you 100 dollars. But look at in in the long run on that same 150,000 dollar loan your closing cost and pre paids could (estimate) run around between 9000-12,000 dollars or more and this really depend on the state and the taxes, insurance etc.