Some people believe they shouldn't refinance more often than once every two
years. The determining factors are if you'll lower your payments and plan to
stay in the home long enough to recapture the cost of refinancing. If so, you should
consider refinancing.
Interest rates have actually come down significantly in the past 12 months
and even more in the past 24 months. According to the Freddie Mac Primary
Mortgage Market Survey®, rates on a 30 year fixed rate mortgage are down to
3.6% in August, 2012 compared to 4.27% one year earlier.
Refinancing in the example below would save the homeowner $67.04 per month and they would recapture the cost of refinancing in 3 years and 9 months based on approximately $3,000 of closing costs.
Click Here to make your own projection on a Refinance Analysis calculator.
Refinancing in the example below would save the homeowner $67.04 per month and they would recapture the cost of refinancing in 3 years and 9 months based on approximately $3,000 of closing costs.
Click Here to make your own projection on a Refinance Analysis calculator.
Sue Lawrence
and Ken McCormick can be reached at 806-355-9601. Prudential, Ada REALTORS is an independently
owned and operated member of Prudential Real Estate Affiliates, Inc., a
Prudential company, an Equal Housing Opportunity.
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