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rule of thumb for refinancing mortgage

Don't Refinance Until You Read These 6 Simple Rules – Don’t Refinance Until You Read These 6 Simple Rules. By. We all want to be smart about refinancing our mortgage.. There used to be a rule of thumb that said to refinance only when you could.

The golden rule in determining how much home you can afford is that your monthly mortgage payment should not exceed 28 percent of your gross monthly income (your income before taxes are taken out). For example, if you and your spouse have a combined annual income of $80,000, your mortgage payment should not exceed $1,866.

estimated mortgage approval amount Mortgage Affordability Calculator | CIBC – Mortgage principal. Mortgage principal is the amount of money you borrow from a lender. If a mortgage is for $250,000, then the mortgage principal is $250,000. You pay the principal, with interest, back to the lender over time through mortgage payments.

Should You Refinance? The Rule of Thumb Has Changed – CBS News – For either subject, the question being asked these days is when you should actually pull the trigger. There used to be a rule of thumb that said "Don’t refinance unless you could drop the interest.

refinance rule of thumb | Apostolicfirehouse – Land Loan Refinance – The rule of thumb says refinancing refinancing home loan will sense if your interest rate is reduced by at least 2 percent. In addition, there are other important things you can do. Refinance Mortgage | Planet Home Lending – Find out how to refinance a mortgage, when to refinance, what it costs, how refinancing a home.

Refinance thumb mortgage rule – Nhslaf – rule of thumb for refinancing mortgage Should You Refinance? The Rule of Thumb Has Changed – CBS News – Then, the rule of thumb changed to "Refinance if you can save money within 6 months of refinancing" (many folks were able to save starting the month following the closing).

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Another common refinance rule of thumb says only to refinance if you plan to live in your home for "X" amount of years, or only to refinance if you’ll save "X" dollars each month. Again, as seen in our example above, you can’t just rely on a blanket rule to determine if refinancing is a good idea or not.

The typical rule of thumb is that, if you can reduce your current interest rate by 1% or more, it might make sense to refinance because of the money you’ll save.

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Rule mortgage thumb refinancing – Nhslaf – While an old rule of thumb suggests refinancing if the interest rate on your new mortgage is 2% lower than your current one, you may benefit from smaller differences, particularly if the new mortgage has below-average closing costs.