Cost of Refinancing
by Laurie Oates
(Asheville, North Carolina)
Ask Kate: Cost of Refinancing
I am looking to refinance a home loan - currently I owe $96,500 on a house valued at $140,000 to $150,000 in Asheville, NC. It was a 30 year fixed rate mortgage at 6.625% - we are down to 27 years - I would like to refinance to a 25 or maybe even 20 year if I could get a 4.25%- 4.50% loan.
Are there really any loans out here that would make the cost of refinancing worth it?
Kate Answers: Cost of Refinancing
Hi Laurie, The cost of refinancing to one homeowner carries one meaning and to another something quite different.
What would make a refinance worthwhile to you?
- Lower monthly house payments by $50 or $300?
- No closing costs?
- Getting rid of an adjustable rate mortgage?
- Removing a co-borrower from title
- Extracting equity in the form of cash
- Or as Laurie mentions, shortening the term?
Don't miss this: Here is one way to calculate when your mortgage refi will reach a break even point.
In the meanwhile, I recommend looking over the links at the bottom of this page. They lead to other pages on my website with surprisingly simple information on refinancing. I hope you will let me know if you have more questions.
Take a moment to bookmark Cost of Refinancing to your favorites so can easily return in the future. Visit FAQs - Best Mortgage Rates Refinancing for solutions based on inquiries from other Contributors just like you.
Laurie, I hope you'll come back and visit often. Help me spread the word. Please share my website with your friends. Remember, all of my information is free!
Best Wishes,
Your Online Mortgage Advice Friend
Low Mortgage Payments | Secret Refinance Formula | Fresh Refinance Approach | Refinancing Breakthrough | Questions To Ask | Mortgage Planner | Compare Rates
What can you do when your mortgage approval hiccups? I don't have to convince you that mortgage approval can be tricky.
Return from Cost of Refinancing to the Home Page found on the Get-Your-Best-Mortgage-Rate website.
The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com
Follow My Blog
Free and easy!
Grin and Bear It!
Get-Your-Best-Mortgage-Rate.com is getting a facelift!
Please bear with me! The content is identical so continue to browse. I'm working as fast as I can to finish up!
I'm grinning. Hope you're enjoying the new look too!
Your friend,Kate Ford
You Can Own My Brain
Lock Answers by Kate - Learn the nitty gritty inside story of locking your mortgage rate.
Refinance Answers by Kate - Refinancing brings out opinions, for sure! Get the facts here.
Answers by Kate For Seniors - Reverse Mortgage, the unique income answer for retirees.
Home Buying Answers by Kate - Learn how to buy a house. Unusual facts to aid your home buying experience.
Credit Answers by Kate - Improving credit could change your life. Find how to get more than temporary results.
FHA and VA Answers by Kate - Clear the fog. The low down on VA and FHA loan requirements.
PMI Answers by Kate - Private mortgage insurance, friend or foe? Do you know how to get rid of it?
ARM Answers by Kate - Do you have an adjustable rate home mortgage? You can ask Kate for help.
Loan Modification Answers by Kate - Unique help for modifying your mortgage. Make sure you don't miss this.
Website Answers by Kate - Yes... Readers even ask Kate how to build a website.