refinance

Guest 0.10 Dollars($)

Is it wise to refinance when the balance on your existing home is 106.000
and you refi for 150.000 with 20 years to pay off the loan @ 6.5 percent?Is this a good percent rate and you have been your home 17yrs?

adonis · Posted: Sun Oct 28, 2007 8:59 pm Post subject:

Welcome Sammie,

The refinance will be useful only if you can save in interest considerably. You can use the Refinance calculator to check how much you will save.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Sammie,

I think 6.5 is good interest rate. You can go for it but before going for it, you can check it in the above mentioned calculator.

Thank you,
Larry

Samantha · Posted: Mon Oct 29, 2007 2:44 am Post subject: RE: interest rate on refinance

Hi Sammie,

Welcome to the forums.

What I understand is, you may be refinancing with a fixed rate mortgage. Apparently 6.5% seems to be a good rate of interest, but is it lower than that on your existing loan? One can only benefit from refinance if he's able to save in interest on a monthly basis compared to what he has been paying on the previous loan. By the way, if we can give me some more details, it will be more helpfiul for me to give you a better suggestion.

Hope this helps...

God bless you.

Samantha

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