I’ve been working from my cozy home office for more than a decade, and now, when I go to the Times’ headquarters in New York.
Refinancing to a lower rate makes good financial sense, but sometimes getting the best mortgage rate leads people to borrow more money for things they don’t need. It is all too easy to fall into the trap of repeat refinancing, resulting in a larger mortgage, paying more interest overall, and pushing your mortgage-free date far into the future.
You may also want to refinance if you have an adjustable rate mortgage and you’d prefer to switch to a fixed rate loan to lock in today’s rates. This is a good idea if you believe rates will rise in.
Homeowners who are considering refinancing their mortgages have one advantage to count on – interest rates remain low. Refinancing from a 30-year or adjustable rate mortgage (ARM) to a lower rate.
The typical rule of thumb is that, if you can reduce your current interest rate by 1% or more, it might make sense to refinance because of the money you’ll save. Refinancing to a lower interest.
For some homeowners, it could still be a good time to refinance. The average 30-year fixed-rate mortgage has dipped below the 4% mark. By any historical measure home loans remain incredibly cheap. If you can shave at least 1 percentage point from your current mortgage rate, then refinancing.
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Refinancing Home Improvements A cash-out refinance offers an option to pay for these projects that doesn’t involve getting a second mortgage or the typically higher interest rates of a personal loan. If you’re considering a cash-out refinance to help pay for any home improvement projects you want to tackle, here’s what you need to know.
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Looking to leverage your home equity? find out when a cash-out refinance makes good sense – and when it doesn't.
A streamline refinance offers several advantages for homeowners who are looking to save on their mortgage. With no credit check or employment verification required, it’s relatively easy to qualify compared to a traditional refinance. Not having to get a home appraisal is also a boon, particularly for homeowners who are still underwater.