WONDERING IF YOU SHOULD REFINANCE YOUR MORTGAGE?

Posted on January 19, 2009. Filed under: -- Building Wealth, -- Real Estate Guide For Today's Market, -- Saving Money And YOU, -- Uncategorized | Tags: , , , , |


Posted by Molly Greaves 01__what_is_a_home_loan2
According to Money Magazine’s January 2009 issue, they say you should use these three things to help you decide if it makes sense for you or not.
Last year, the average rates on 30-year fixed loans plunged to 5.1%, their lowest level in decades.  IF the three statements below describe you, a refi might pay off…at least according to Amanda Gengler at Money Magazine.
1.  You dont need a jumbo mortgage.  Rates havent come down as much as for loans more than $417,000 (up to $525,00 in some markets).
2. Your current rate is 6.1% or higher.  A refi will cost you a few grand, but if you’ll drop a full percentage point, you’ll likely come out ahead over time.
3.  You have at least 20% equity.  You typilcally need that much of a stake (plus a credit score of a 740 plus) to land the lowest rates with no points. 
Advertisements
  • Blog Stats

    • 315,966 hits
  • I'm glad you found my blog. I hope you enjoy it!

  • Flickr Photos

    More Photos
  • Enter your email address to follow this blog and receive notifications of new posts by email.

  • January 2009
    M T W T F S S
    « Dec   Feb »
     1234
    567891011
    12131415161718
    19202122232425
    262728293031  

Liked it here?
Why not try sites on the blogroll...

%d bloggers like this: