Refinancing Home Mortgage
My mortgage is 137 000 to 5.99%. I paid about 3 1 / 2 years. I want an interest rate of 4.875%, which would save me at least refinance only $ 100 per month. Should I do?
So you save about $ 100 per month or U.S. $ 1,200 per year, but it will cost $ 3,000 to do so. So you have (sort of) make a return on your money per year 1200/3000, 40%, and it is very, very good.
You must repay your mortgage by 3.5 years (ie, your old mortgage left 30 years 26.5 years for this, but the new 30-year mortgage). In addition, the closure costs more than expected. Even for a yield of 40% on my money I would do in a second if you’re pretty sure you’re in the home at least five years or more.
This is about mortgage information questions.
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