refinancing rule of thumb

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refinancing thumb rules – Mortagecompainesnearme – 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%.

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.

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The 2% rule is an old rule-of-thumb for deciding whether or not to refinance your mortgage. The reality is, it’s not quite that simple, and never has been. Securing a Lower Interest Rate One of the best reasons to refinance is to lower the interest rate on your existing loan.

When to Refinance, Mortgage Product Assessment – 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.

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Another common refinance rule of thumb says only to refinance if you plan to live in your home for "X" amount of years, or only to refinance if you’ll save "X" dollars each month. Again, as seen in our example above, you can’t just rely on a blanket rule to determine if refinancing is a good idea or not.

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Moore explained that “interest rates are currently near 40-year lows,” so these bonds have crossed the “rule of thumb” savings threshold of 3 percent net present value to make them worth considering.

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The Rule of Thumb Has Changed – CBS News – The Rule of Thumb Has Changed. Then, the rule of thumb changed to "Refinance if you can save money within 6 months of refinancing" (many folks were able to save starting the month following the closing).