refinance rules of thumb

what is reverse mortgage loan using your 401k for a downpayment on a house Use Funds in 401K as a Down Payment? – The Mortgage Professor – The cost of using funds in a 401K as down payment should be compared with the cost of mortgage insurance and the cost of a second mortgage, with allowance for the risks associated with each option.. Tapping Your 401K to Buy a House Is Tempting But Risky (c) Can Stock Photo / focalpoint.

refinance rules of thumb | Streamlinefharefinance – refinance rules of thumb. Kevin. Posted in Home loans arlington post navigation. loans For Low Income Bad Credit. Commercial Multifamily Loans. Search for: Recent posts. funding investment property; buying house For Parents; Buying A House Down Payment;

Rule of Thumb: When Does it Make Sense to Refinance a. – When Does It Make Sense to Refinance a Mortgage? Here’s a general rule-of-thumb that applies to most refi situations. If you can lower your interest rate and mortgage payments by refinancing, and you’ll stay in the home long enough to recover the closing costs on the new loan, then it might make sense for you to refinance.

The best financial advice tends to apply to pretty much everyone. You don’t need a spreadsheet of pros and cons and complex scenarios. What you need is a rule of thumb.

rule thumb house refinance – Tea21 – Mortgage Advice > 2% rule of thumb in refinance – Gianni Cerretani (mortgagegodfather) #33 ranked lender in Georgia – 238 contributions The 2% rule is that most of the time when you are refinancing for it to be financially worth it, the general rule of thumb is that you want to see a decrease in your current interes rate of 2%.

is the apr higher than the interest rate APR vs Interest Rates | How They're Different – Interest rates are lower than the APR usually by a few tenths of a percentage point. Most people shop lenders and use the interest rate as a way to compare loan offers. By finding the lowest interest rate you will get the lowest monthly mortgage payment.

Should I Refinance My Mortgage? The Rule of Thumb to Follow. – What is the rule of thumb to refinance a mortgage? The typical rule of thumb, the magic perfect number, is at the very least, 1%. You should not refinance if your interest rate will not drop by at least a point. And, if you can, two. To decide if you can refinance or not, be sure to use a refinance calculator to understand your loan terms and.

"Rules of thumb are generally useful for most households, because we found through our research that simplicity is good, (and) that complexity is really the enemy of good household financial.

How long do you have to wait to refinance – answers.com – How long do you have to wait to refinance?? Ok this all depends on a couple of items. First did your loan have a prepayment penality??. If so I would recommend you wait until that period of time.

The traditional rule of thumb (which you should use with sparingly) for figuring out when to refinance is a basic breakeven analysis. This process allows you to figure out how long it will take to recuperate the closing costs you’ll have to pay to refinance.