60-Second Guide to Smart Refinancing — The Motley Fool – The financial industry is fond of rules-of-thumb, and it can regale you with plenty of tales on the topic of refinancing. But there’s a lot more to this big-ticket decision than simply deciding.
A study of West Point cadets, for example, found teaching rules of thumb was at least as effective as standard personal finance training in increasing students’ knowledge and confidence as well.
Whenever interest rates fall, many homeowners wonder, should I refinance my home? Taking advantage of lower interest rates is a favorite reason for refinancing, but there are many other reasons you may want to refinance your mortgage.
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How to get the best refinancing deal – Living On The Cheap – “Everybody wants a rule of thumb, and rules of thumb don't work.. A refinancing that has no upfront closing costs from the lender has the costs.
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what is the best mortgage loan FDIC: Looking for the Best Mortgage – Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage–whether it’s a home purchase, a refinancing, or a home equity loan–is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage.
PDF The Refinance Rule of Thumb Rate – business.baylor.edu – If you’re considering refinancing your mortgage, you may have searched for the "refinance rule of thumb" to help you make your decision. Of course, there isn’t a single refinance rule of thumb. One popular one is that you should only refinance if your new interest rate will be two percentage points lower than your current mortgage rate.
Mortgage Advice > 2% rule of thumb in refinance – Gianni Cerretani (mortgagegodfather) #33 ranked lender in Georgia – 238 contributions The 2% rule is that most of the time when you are refinancing for it to be financially worth it, the general rule of thumb is that you want to see a decrease in your current interes rate of 2%.
JACK GUTTENTAG: Answering questions about refinancing – What makes this rule of thumb wrong is that it completely ignores the impact of the refinance on how rapidly the borrower will pay down the loan balance. The proper way to determine whether refinance.
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.