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2013-04-05 10:20:27
Is it Time to Refinance Your Salt Lake City Home?

With interest rates at record lows, homeowners with Salt Lake City Homes and  across America are asking:

Should I refinance my mortgage?
Is this the right time to refinance?
How do I know if I should refinance?

And with good reason - refinancing might save you a lot of money.



When considering refinancing, look at the interest rate, closing costs and how long you will own your home.  The new interest rate should be at least 2% lower than your current rate.  To understand the savings, let's look at a $250,000 30-year fixed mortgage with 7% interest rate.  A person will pay $348,774 in interest.  If the rate were lowered to 5%, a person would only pay $233,139.  That's a big savings.

However, if you plan to sell right away, you may not recoup the closing costs to refinance.  Consider the amount you'll be saving on your mortgage payments each month. 

In the scenario above, your monthly payments would decrease from $1,663 to $1,342.  Assuming it will cost you $2,500 to refinance, saving $321 per month means you would need approximately 8 months to recover the refinancing costs.

BOTTOM LINE - If you plan to move within the time it takes to recover the costs, it's likely not worth it to refinance your mortgage.

 

 

 

LINDA SECRIST - LINDA SECRIST & ASSOCIATES - EVERYTHING THEY TOUCH TURNS TO SOLD!

 


 


 

 

 
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