Rule Of Thumb For Refinancing Mortgage

Approximately one and a half million Americans still hold home mortgages with interest rates over 15 per cent. With the interest rate now down to 13 per cent, or lower in some cases, refinancing must.

Mortgage Rule Of Thumb – If you are looking for new home refinance or thinking about a better rate of your existing loan then study a large number of offers from secure lenders at our site.

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The 2% rule is that most of the time when you are refinancing for it to be financially worth it, the general rule of thumb is that you want to see a decrease in your current interes rate of 2%. Unfortunaltely that is not always the case as you may have other objectives that need to be accomplished with in the refinance,

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.

Refinancing your mortgage isn't as simple as finding a lower interest rate. Your breakeven point should be part of the decision, too. Here's how.

Historically, the rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. However, many lenders say 1% savings is enough of an incentive to refinance.

Everyone has heard the rule of thumb-do not spend more than 30 percent of your gross monthly income on housing. The problem: Renters and homeowners .

Others watch the mortgage interest rates like hawks and refinance every time. You might have heard an old rule of thumb that, for fixed-rate mortgages, the.

Lee M. Eisenberg President, Leading Edge Mortgage Corp. View bio. Is There a General Rule of Thumb for When it Makes Sense to Refinance? MARI.

One rule of thumb is that refinancing can be worth it if there’s a difference of at least one percentage point between your current mortgage rate and the new rate you can get. As an example, the.