A useful rule of thumb is – don’t do anything daft. If you have suggestions or questions about any aspect of community participation on digitalhealth.net, you can write to [email protected]
But many homeowners might be unaware that mortgage rates have declined so dramatically that they could save money by refinancing. One rule of thumb says to consider refinancing if you can cut the.
“So, before you try what you think is just some new milkshake flavor, here are a couple of rules of thumb: one, if you’re in.
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.
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Many loan officers use this rule of thumb, which completely ignores how rapidly you pay off the new loan as opposed to the old one. Borrowers following this rule would never refinance into a shorter term loan because of the increase in payment, although the total benefit including the pay-down of the loan balance is substantially greater on refinancing into a 15-year loan, as indicated above.
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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. Only Refinance If the New Mortgage Rate is 2% Lower For example, if your current mortgage rate is 6%, that rule would tell you refinance only if you could snag a rate of 4% or lower.
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.
· The typical rule of thumb is that if you can reduce your current interest rate by 0.75% to 1% or higher, then it might make sense to consider a refinancing move. The first step is to calculate your monthly savings should you do the refinance. For example, suppose you have a 30-year mortgage loan for $200,000.