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Hello, I am wondering if I should refinance my mortgage or not a good time yet. My current interest rate is 4.375% and looks like if I refinance today I can get 3.625% plus fees (around $3400). So, I am wondering if it is good idea to go for refinance or wait until I get at-least 1% difference? Please advice. Thanks!
The first question you need to address is "Why are you refinancing"? Are you having trouble making your payments? Do you want to lower your monthly payments as much as possible? Do you want to increase your monthly payment, lower your interest rate, and build equity in your property? If you want to save on financial costs, and can afford the payments, then try to avoid refinancing into a 30-year loan. Keep your loan period the same or less. 15-year mortgage rates are even lower. Mortgage rates are at historical lows. However, take into consideration the total amount of lender and third party fees. You mention the total fees, but you don't mention the details of your loan (balance, monthly payment and time left). In order to compare the offers, ask for a no-fee loan, and then you can compare the interest rate on the new loan versus the interest rate on your current loan. Once you have an offer, you can compare different combinations of interest rates and fees. In general, the longer you hold on to a loan, the less expensive it will be to pay up-front fees and get a lower interest rate. I recommend that you check out BIlls.com mortgage refinance calculator. You can calculate the savings based on current mortgage rates and your assessment of your credit and property value.
Answering that question is a time value of money mathematical exercise as well as a personal preference exercise. From a mathematical perspective, it is dependent upon your outstanding balance, how much time remains on your current mortgage, how much you're going to refinance, how long you're going to refinance for, the interest rates (known), and fees (known). You can do the math in Excel. But even if it makes sense mathematically, from a personal preference perspective, realize that you may have to re-up for a 30 year mortgage when you're already say 5+ years into paying off your current mortgage. Are you prepared to pay an additional 5+ years even at a reduced rate? Also, think about things like perhaps you're in a better financial position to pay down more of the mortgage and refinance a lesser amount than the outstanding balance or perhaps refinance for a shorter term. Or maybe you want to do some major renovations and you want to refinance a greater amount than the outstanding balance because a refinanced mortgage may be a better rate than a home equity loan. As you can see, there are many variables. Run the numbers and examine your personal situation. No one can answer those personal variables except you.
The key is the amount of your mortgage. Most people will want to recover their closing costs within 2-3 years, and preferably closer to two. At those two rates the difference in monthly payment is 43 cents per thousand so if your mortgage is at least $330K you will break even in 24 months. $220K will take 36 months. Anything less than that you should wait for a better rate or be pretty sure you won't be moving or refinancing for several years.
For Credit and finance solutions I recommend this website where you can find all the solutions. :Should I refinance my mortgage? Hello, I am wondering if I should refinance my mortgage or not a good time yet. My current interest rate is 4.375% and looks like if I refinance today I can get 3.625% plus fees (around $3400). So, I am wondering if it is good idea to go for refinance or wait until I get at-least 1% difference? Please advice. Thanks! Follow 10 answers
I would wait a little while until you can find a slightly better rate. In the long term it would be beneficial to have a rate closer to the high 2%'s. While refinancing now could save you some money, if you wait a bit longer you might come across a much lower rate. Look it up on some lending sites and they usually offer a lot of good information. Good Luck!
Others addressed the math issues involved in this. i will address the rates and you should not count on rates going down any further. If so what would be the catalyst? The Federal Reserve is already pushing them down about as much as possible. Do you really think the banks are going to lose their spread? What you can do is look for lower fees. Credit Unions are sometimes good at lowering the costs for a refi.
Outrageous fees! Current rates are 3.5% APR 3.500%, NO FEES MacMinnville POINTS (30-year) 2.875% APR 2.875% (15-year) Assumptions: Single-family, owner occupied 25% equity No subordinate financing FICO Score 740+ Loan amount $300k Slightly higher rates/points for different loan amounts or LTV (equity). cashcallmortgage.com
Wait until you get a bigger break. It doesn't pay to refi if you can't get at least 1% reduction in interest rates. And that fee seems a bit high.
Instead you can add a payment to the principle each month that would help you much more in the long run.
I'm extremely curious too about the answer to this question