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How do I know when to refinance?
I bought a house about a year ago. My interest on the loan is pretty high. How do I know when it's the right time to refinance? I want a lower rate. I'm worried if I jump on the first rate drop that I'll miss out on something better later.
Asked By Drew | El Paso, TX | 166 views | Finance Legal Info | 4 months ago
Answer(4)
Julianne Clark / Your Lowcountry Realtor
Charter One Realty
Keep in mind that their are fees associated with refinancing that are many times wrapped back up in loan amount. Talk to the Lender that you used when you purchased your home if you were happy with them -- to get a better idea of how much it will cost you to get a lower rate and make sure that you are able to do a refi. If the fees to refinance are not substantial enough -- you may need to wait until you pay your loan further or rates decrease more.
- 4 months ago
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Tom Matthews
Gibson Sotheby's International Realty
Drew,
This is a great question! Since you purchased so recently my first piece of advice is to go to the lender you used to purchase your home and see if they will offer a no cost refi? Then what I would do is refi when you have the opportunity to save $200 to $400 dollars per month. Listen, I have owned my home for 10 years and have refinanced in 3 times. It is my forever home and getting into the right program was more important than getting hung up on the cost. If this home is a long term home then strike when it is right and heck if you have to do it again then do it! I know people who have refinanced 5 times, but it ended up putting them in a great position! Concord, MA real estate
- 4 months ago
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working with a great Loan Officer that can guide you through the expected market conditions would be what you need. The Mortgage Industry as a whole is expecting a rate improvement cycle. I would suggest that you have a target rate in mind and know how long you plan on keeping the home. Both of these questions can help guide you to when is the right time to refi.
- 3 months ago
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Lidiya Ilnytskyy
Virtual Properties Realty
As of August 12, 2024, interest rates are as follows:
Federal Funds Rate: 5.25% to 5.50%
30-year fixed rate: 6.496% APR
15-year fixed rate: 5.579% APR
5-year ARM rate: 7.593% APR
- 4 months ago
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