How to determine if a 15-year refinance makes sense for you Today’s lower interest rates are definitely increasing the appeal of a 15-year mortgage loan, not to mention making the loan within more people’s reach. Paying that loan off sooner can allow you to pay for the other considerable expenses on your plate.
Mortgage rates have once again reached new lows, and there is money to be saved if you refinance your mortgage. But just because interest rates hit a new record low, doesn’t mean your refinance should.
I have 15 years left on my 30 year fixed rate mortgage. About $150,000 remains to be paid. I will likely downsize the house in 2-4 years. Should I refinance into a 15 year fixed mortgage and if so.
The ultimate goal of a refinance is to make a less than desirable mortgage better by locking in a 15-year fixed-rate mortgage with a new payment that’s no more than 25% of your take-home pay. refinancing makes the most sense if you fall into one of these categories:
Meanwhile, here in Manhattan, no one in my condo building has been able to sell or refinance. and it can make a lot of sense for them to get out of the game entirely, as Joe Garrett says: One of.
As mortgage rates have dropped this year, more mortgage borrowers are.. rates have dropped doesn't mean that a refinance makes sense.
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Take note that refinancing usually makes more sense earlier into your mortgage term. Once you refinance, it’s like you’re starting over. Say you’ve been paying off your old mortgage for 10 years, and you have 20 years left to go. If you refinance then into a new 30-year mortgage, you’re now starting at 30 years again.
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.
Oh yes: "Can a 66 year retired man with a retirement income (pension and social security) of $52,000.00 get a 30 year fixed rate mortgage? If yes, does it make financial sense to do this?"