by mary hodder
Question by : Thinking about refinancing mortgage?
I’m thinking about refinancing my 15 Year Fixed Rate. Our rate is currently at 5.3%. My gut feeling tells that it will probably get lower than what it is now but I don’t know what to do. Do you think I should refinance or wait a bit longer?
15 Year Fixed Rate
Rate APR Points
3.875% 3.956% 0.003%
Answer by chatsplas
It costs money to refi. How long will it take to recoup the cost of the refi?
Sometimes it doesn’t make sense to refi unless there’s a 2 point spread.
Sometimes it makes more sense to put extra money on the principal and thus reduce your interest payments.
Know better? Leave your own answer in the comments!
15 year rates are at 4%.
So I am suspecting that you are either paying points (which you never should), or you are going for a scam mortage such as an ARM, 5/1, 5/5, options, etc.
Stick to 15 year fixed – since interest rates are about to go up in about a year.
Google “should I re-finance calculator”.
Try about 3 of them.
Closing costs can cost thousands of dollars – sometimes you are better off putting those closing costs into your principal and saving on the interest in the long run.
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