mortgages and refinancing?
by Mortgage Rates on Tuesday, October 26th, 2010 | 3 Comments
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If your new rate is 2 points lower than your current rate and if you plan on staying in your home for at least 3 more years, consider refinancing. http://www.military.com/Finance/Content?file=home_buying_refinancing.htm&area=Content
Here’s a calculator http://www.bankrate.com/ibd/mortgage-calculator.asp
Best wishes,
pup
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You didn’t list enough information to answer your question properly. It all depends on what you can afford monthly. Some of my clients have refinanced & have only reduced their payment $100.00 a month. Others have refinanced to make their adjustable rate a fixed rate. What is your loan amount now? Why are you refinancing? When you refinance you’ll be paying closing costs all over again. You have a great rate right now. Ask your Mortgage Broker to give you figures on what is the best rate he can get for you.
Good luck!
Inorder to properly answer the question it is necessary for you to provide more information such as the loan amount etc. If your credit is in 700+ range with no lates on your current mortgage payments you should have no problme getting a lower rate with no closing costs at your current bank. My best advice would either be to use a mortgage calculator (ww.restructureyourmortgage.com) or speak with a mortgage professional.