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when to refinance a mortgage rule of thumb

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Well, the answer really depends on the person. Many financial experts say a home should not make up more than 1/3rd of a gross monthly household budget, which is a pretty good rule of thumb. No one wants to feel house poor. VA Loan guidelines usually limit a borrowers debt obligations to about 45% of.

The popular method of calculating the break-even period on a refinance is subject to. Many loan officers use this rule of thumb, which completely ignores how.

Today, a rule of thumb is not enough to make a decision. Instead, divide the cost of refinancing by the monthly interest you’ll save with the lower rate (adjusted for lost tax deductions).

The Break-even Rule on When to Refinance. Another rule of thumb on when to refinance claims that you should break even. If the money you save in future interest costs equals the money you spend in closing costs, then refinancing makes sense. In truth, you should only pursue a refi when you exceed the break-even point.

When To Refinance Mortgage Rule Of Thumb Refinancing a Mortgage in PA – Curtis Mortgage LLC – Ever heard the old rule of thumb that states you should only consider refinancing if the new interest rate is at least two points lower than your existing one?

how much will i get approved for a home loan The most important consideration is, “How much house can I afford?” That’s because, even with all the angst involved in applying for and being approved for a home loan, lenders are. If you don’t.

The rule of thumb in the 1980s used to be that you should refinance when you can lower your mortgage rate by 2 percentage points. However, today you should consider refinancing whenever rates have declined since you took out your mortgage.

According to Boulter, here’s a good rule of thumb: If the interest gained in an investment. according to Boulter. [Ready to refinance your mortgage? Click to compare rates from multiple lenders now.

Although rules of thumb abound — some say that refinancing makes. It will estimate how far interest rates need to fall before you should refinance your fixed-rate mortgage with a new fixed-rate.

Mortgage Methods: A Simple Rule of Thumb for Home Equity By Richard Barrington NFNS Columnist. Home equity loans have been painted unfairly as a major culprit in the recent mortgage crisis. Such a broad category of loan is neither good nor bad in its own right; it’s the way homeowners use home equity that determines whether the loan makes sense.

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