when to refinance your house rule of thumb

Should I Refinance My Mortgage? — The Motley Fool – You want to shorten the life of your loan: If you have 24 years left on your original 30-year mortgage, but you’re hoping to retire in about 15 years, it can make sense to refinance into a loan.

getting a home loan after bankruptcy what is the interest rate on a reverse mortgage Reverse Mortgage Interest Rates – Reverse Mortgage Interest Rates. In 2015 a total of 56,363 reverse mortgages were closed with interest rates averaging approximately 3.38 percent, representing $9.3 billion in loan financing. Massachusetts had the lowest average interest rate at 3.09 percent, while Wyoming had the highest average rate at 3.53 percent.Could I get a home loan after a chapter 7 bankruptcy. –  · Best Answer: Right now given the turmoil in the mortgage industry, it is prretty hard to predict. It wouldn’t hurt you to talk to several lenders now and get their take on it. In the past, it generally took 2-3 years following bankruptcy with ABSOLUTELY NO further blemishes on.

Everything You Need To Know About Mortgages – In My Area – The rule of thumb about rules of thumb is that they’re only guidelines. Different lenders and loan products may use different ones. Some lenders will accept a borrower with a PITI of 30 to 40 percent of his annual gross income. fha loans allow 31 percent piti and a 43 percent DTI. You can also get an FHA loan with a mere 3.5 percent down payment.

Rules refinancing thumb – Bestfhaloanlender – I Rule Thumb My Refinance Of Should Mortgage – Schell Co USA – One rule of thumb is that refinancing can be worth it if there’s a difference of at least one percentage point between your current mortgage rate and the new. "A broad rule of thumb. a refinance has higher closing costs than a HELOC, the interest rates can be fixed or adjustable.

Rules of thumb about when to refinance | The Weeks Team – Deciding when is the best time to pull the trigger on a home loan refinance, as a rule of thumb, is not always clear. Refinancing seems like a new opportunity to get a better interest rate or perhaps even to take funds out of equity to use for your own benefit. The problem is, though, that refinancing can be costly in some situations.

The Value of Mortgage Refinancing – Wealthfront Blog – What's a good rule of thumb? Trulia estimates that closing fees commonly amount to 1.5% of the mortgage balance being refinanced.

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Don't Refinance Until You Read These 6 Simple Rules | realtor. – There used to be a rule of thumb that said to refinance only when you could shave at least 1% off your interest rate. But with today’s ultralow interest rates, that rule has gone the way of the VCR.

4 Mortgage Refinancing Mistakes – Money Smart Life –  · If you don’t stay in your house for five to seven years after you refinance, this small difference can actually result in you losing out over all. The generally accepted rule of thumb is that the new rate should be at least a full percent lower than your current rate, and you should be planning to stay in your home for a few years. 3.

Using this rule of thumb, you may decide that you should refinance if you’ll keep your loan for at least 20 months — after that, you’re ahead by $100 per month. Most people who use this approach suggest that it makes sense to refinance if your breakeven point is within two years or so, and that’s not terrible advice.