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2% rule of thumb in refinance

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Icon Mini Profile jimgilly
jimgilly
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Post Posted: Thu Feb 10, 2011 10:54 pm    Post subject:
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Mortgage brokers and others in the business that originate loans may or may not be able to give you the correct answer as to whether or not it makes sense to refinance. Remember that they get paid when someone does a refinance with them so there is an incentive built in to their answer.

Key factors needed when deciding if it is to your advantage to refinance is how long you expect to keep the loan, upfront costs, your tax bracket if you itemize deductions and equally as important the reason you want to refinance in the first place. Is it to lower your monthly payment, take cash out, etc? Only a qualified mortgage consultant putting your interests first will be able to give you the right answer to this question.
docrab

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Post Posted: Thu May 05, 2011 6:29 pm    Post subject: refi
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i have a 10yr loan 200k at 4.3% and i year in, i was offered to refi the loan 190k for 10yr at 3.875 at no cost to me should i do it
Icon Mini Profile adonis
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Post Posted: Thu May 05, 2011 10:51 pm    Post subject:
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Welcome docrab,

If you're planning to stay in the property for a longer period of time, then it will be a good option to refinance the loan. The rate that is offered to you is quite low.

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