Question on refinancing a home?
My friend has a home loan of $80,000 at 6.5% interest.I believe the current loan rate is in the order of 5.75%.
Should she be thinking about refinancing the 80k.
She doesn't want an adjustable rate mortgage.
Thanks for your response.
Answers: find out how much the refi will costs her. A.
how much will a lower grant P&I be. B
how much difference old wage minus new payoff. C
take 'A' divide it by 'C' equals to number of months she will entail to stay in the house to recoop the money spent.
example 5000$ refi costs, 100$ monthly difference of payments.
5000$/100$ equals 50 months or 4yrs 2months back she breaks even.
all on FIXED rates just and no equity drawn out.
You don't say how long of a residence remains on the 6.5% loan?
Assuming closing costs on the refinance is about $1,600, it will hold about 3 years to achieve back to even near a refinance reduction of 0.75%.
So if your friend is going to remain contained by their home for longer than another 3 years, and the total closing costs are $1,600 or less, it probably make sense to refinance.
Hope this helps!
As others enjoy correctly commented, it will not be worthwhile to refinance unless costs related to the refinance (at 5.75%) are low to nothing. One alternative that could work is (but only if she/he currently have an FHA loan) is an FHA Streamline Refinance, which has no associated dune fees. However there will still be a title insurance update required as resourcefully as any local recording fees. At relatively low loan harmonize of $80,000 it may not be worthwhile with any fees. To really be sure, you involve to check with a lender on adjectives fees that would be incurred related to a refinance, and calculate next how many months it would lug to recover this cost base on the savings you will take with the lower interest rate.
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