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After just two years, should I refinance again?

Q: Would it be an advantage to refinance a 15-year, $130,000 loan at 4.625% if I just refinanced two years ago? My house is worth $225,000, our credit score is 800, and I want to pay off our house before retirement.
What about closing costs, etc?

A: The answer is "maybe". You don't mention how many years you have until retirement, and you're already two years into your mortgage. Certainly, it's possible for you to lower the interest rate to perhaps 4% with a new 10-year loan, but since your interest differential will be small, your monthly payment will probably rise somewhat.

More help from HSH.com

  • Can we do a "cash-in" refinance?

  • How do I remove or add a name to a home loan?

    In general, the only way to remove a name from your mortgage will be to refinance or pay off the debt. This is also true when trying to add names to the mortgage. Lenders will not add nor remove names from such an obligation without the opportunity to ensure that the other borrowers have the ability to pay.
  • Is there a ten year refinance mortgage out there?

    Almost any lender that offers a fixed-rate mortgage will offer a 10-year mortgage. Mortgage rates for a 10-year mortgage usually aren't any better than the rates offered for a 15-year mortgage. That said, be sure to shop around to find a competitive rate. Getting a fixed-rate mortgage with a term as short as 10 years will save you a lot of money on interest costs.
  • Should I refinance my Home Equity Line of Credit?

  • Why I decided not to refinance

    Despite the benefits refinancing can bring, you still might not be in a position to refinance. Here's why.

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