Is It A Good Idea To Refinance Your Home

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Historically, the rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. However, many lenders say 1% savings is enough of an incentive to refinance.

Why Refinancing Is Not a Good Idea. There are many arguments that people make in favor of refinancing a home mortgage to take out cash to pay off their debt. For instance, mortgage interest is tax-deductible, while interest on credit card debt is not. Furthermore, credit cards can have interest rates as high as 30%,

If you’re planning to sell your house within the next couple of years, refinancing is rarely a good idea. Every time you refinance, you incur a bundle of fees associated with the new loan.

Home > Refinance Basics > Signs That Refinancing Your Home Is A Good Idea. Signs That Refinancing Your Home Is A Good Idea. By Refinancing Right on May 27th, 2009. People across the nation are trying to determine whether now is a good time to try to refinance their home or if they should wait.

To decide whether a refinance makes sense, calculate the break-even point, which is the time it will take for the cost of the mortgage refinance to pay for itself.

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 · Home mortgage refinancing is not always a good idea. Sometimes it can save you money. Other times it can get you into trouble. Understand the risks.

Documentation of your ability to repay. Refinancing doesn’t always make sense – even if you’ll end up with a lower payment. But there are several situations when refinancing is a good idea. If you can.

Refinancing your VA loan can be a good idea when you consider all of the factors. Don’t just jump in headfirst because you saw that interest rates dropped. Instead, take things slow, look at all aspects of the loan and decide if refinancing is the right choice for you.

All of these things are good reasons to refinance, but the picture has to be brightened a bit more so that you can see the details of how this will affect your total home ownership abilities. You can learn the details by using a mortgage calculator to help you.