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Company Loan Type APR Est. Pmt.

Is it worth refinancing?

Posted on: 07th Jun, 2009 07:40 pm
i financed 75,000 at 6.35% in 2001. i am trying to make an extra $100.00 monthly. i am locked in for refinancing at 4.35% for 15 years. is it worth paying the closing cost to refinance at this low rate. refinancing $70,000 plus $4000.00 closing cost.
Absolutely. You will pay off the loan much faster and will have paid less interest by the time the loan balance reaches zero.
Posted on: 07th Jun, 2009 07:54 pm
Hi kmeeks!

Welcome to forums!

How long do you plan to stay in the property? If you plan to stay for around 5-8 years, then it's a good idea to refinance the mortgage. With an interest rate of 4.35%, your monthly payments would be reduced which will help you in recovering the closing costs that you'll be paying now.

Feel free to ask if you have further queries.

Sussane
Posted on: 07th Jun, 2009 10:42 pm
yes it is a good idea.

consider following before calculating break even:

Refinancing costs
Prepayment penalty
Impact on taxation
Posted on: 08th Jun, 2009 08:19 am
kmeeks


Use soem of the mortgage calcualtors and you will be able to find out how much you will save or lose.

Good luck and feel free to ask
Posted on: 10th Jun, 2009 10:07 pm
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