when to refinance a mortgage rule of thumb

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Mortgage Rule of Thumb The most important factor that lenders use as a rule of thumb for how much you can borrow is your debt-to-income ratio, which determines how much of your income is needed to pay your debt obligations, such as your mortgage, your credit card payments, and your student loans.

Mortgage Rule of Thumb – Mortgage Rule of Thumb. This is called "the mortgage rule of thumb," or sometimes "the rule of 28/36.". If your debt-to-income ratio exceeds these limits on a house you’re considering buying, then you may not be able to get a loan, or you may have to pay a higher interest rate. Should I Refinance My House? | LoveToKnow – A good rule of thumb to follow when obtaining a cash-out refinance is this: If the cash-out refinance will not somehow translate into savings.

And with mortgage rates declining once again. Do you plan to stay in your current home a while? The rule of thumb is that your refinancing savings should pay for your initial costs within two years.

who offers 40 year mortgage loans 40 Year Mortgage Rates | Lenders with 40 yr Fixed Mortgage. – 40-year mortgages come with higher interest because the loan is so long term. A general rule of thumb, the shorter the loan length the less a borrower will pay in interest. Paying 10 additional years on a mortgage (in comparison to a traditional 30 year fixed mortgage) adds 10 additional years of interest as well.

Many loan officers use this rule of thumb, which completely ignores how rapidly you pay off the new loan as opposed to the old one. Borrowers following this rule would never refinance into a shorter term loan because of the increase in payment, although the total benefit including the pay-down of the loan balance is substantially greater on refinancing into a 15-year loan, as indicated above.

If interest rates have dropped low enough, it may be possible to refinance to shorten the loan term-say, from a 30-year to a 15-year fixed mortgage-without changing the monthly payment by much.

If you’re currently in an adjustable-rate mortgage (ARM) and interest rates are on the rise, it may make sense to refinance into a fixed-rate mortgage. You may have been motivated to buy your home with an ARM because many ARMs start with lower interest rates than fixed-rate mortgages.

When rates dip, it’s worth exploring whether refinancing can save you money. You can benefit even if you don’t cut your rate by a full percentage point-a rule of thumb you can safely ignore. See Also:.

Then, the rule of thumb changed to "Refinance if you can save money within 6 months of refinancing" (many folks were able to save starting the month following the closing). These days, banks are.