I bought my house in November, 2013. I want to know when will it be the best time to refinance my house. My goal is to lower my interest rate and extend it back to 30 year fix. I am not trying to get any money back. I used my va loan. Thank you.
Answers
Now is a good time. Interest rates will rise soon but you need to calculate the cost of the refinance vs the savings in the lower interest rate. Also look at your current mortgage to see if there are any prepayment penalties.
I suggest getting with a mortgage company that specializes in home mortgages (not your local bank) to start with.
Get at least 3 quotes from 3 different lenders.
Ask the people around you who own homes for referrals to lenders they may have used.
Ps. Use a mortgage calculator and play round with the figures.
If the difference in the rates are more than 1.5 or more the the time is now. My question is why thirty years and not fifteen?
Right now!!
Not matter what, I would recommenced on the Refinance on the following Company before you you refinance:
The company’s “PreFi” and “LowerRate” calculators help homeowners figure out how to attain a lower effective mortgage interest rate through prepaying their mortgage principal.
The PreFi calculator will help if you have a specific dollar amount available for prepayment each month. It calculates your interest savings over the remaining loan term and your effective interest rate as a result of making extra payments. The LowerRate calculator can be used if you want to aim for a specific interest rate.
Cheers,
James B. Kirk, CW5 (ARNG (r))
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