Refinance your home when interest rates drop by 2 percentage points. Money Tips #7
Posted on Thursday, October 1, 2009 at 12:42 am
This rule came from the era where buying propecia online the points — the fee paid to lenders for making the loan — and closing costs associated with a mortgage refinancing took years to pay off. Today, there are many available mortgages with little or no closing costs.
As a result, consumers can get long-term savings by shaving half a percentage point or more from the mortgage, or by keeping the rate but shortening the loan’s duration.
The consensus of the experts: Work the numbers. You could be wasting money waiting for rates to fall further before you make a deal.
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