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3 Reasons NOT to refinance now

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Low rates present an excellent opportunity to refinance your home – but even if interest rates are rising, you may still have a valid reason to refinance. refinancing may not be your best option..

Refinance from an adjustable-rate mortgage to a fixed-rate loan. If you currently have an adjustable-rate mortgage, now may be the perfect time to refinance into a fixed-rate loan. Interest rates are low now, but they may not stay this low forever. Locking into a low, fixed rate can protect you from rising interest rates in coming years.

It is important to buy a home for the right reasons. You should be sure you are ready and aren’t just buying because it’s what you are expected to do, or it’s the next step. Read on for five reasons you should not buy a home, and five reasons why it might be a good next move when trying to decide if you should rent or buy .

1. You’re Not Planning on Staying Put. One of the most important details you need to pay attention to when you’re planning to refinance is the break-even point. This is the amount of time it will take for you to recover the closing costs on the new loan. The break-even point is calculated based on how much you pay in closing costs and what your new interest rate will be.

It's not that complicated, actually: With a cash-back refinancing, you get. You now owe $100,000 on your house, but at a lower rate than you.

That is not the way to go for anyone who expects to retire someday. A major reason that few borrowers refinance in order to shorten their. On June 7, she could have refinanced into a 20-year.

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Learning how to refinance your mortgage before jumping in gives you the best. If you can get a lower rate now than when you first took out the mortgage, to a fixed-rate mortgage when you refinance. Why? A fixed-rate mortgage is a. 3. Find out your credit score. You need good or excellent credit to refinance a home.

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