I currently am paying 4.75% interest on my 30-year mortgage, and owe $235,000. Should I consider refinancing?

I have excellent credit. The property value is approximately $370,000. Should I refinance?

Asked by dazhan

2 Answers

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Answered by Justin Clark, Mortgage Broker in Moreno Valley, CA
It might be worth it, depending on what you want to do. The rates are decent right now so you would most likely be able to get a lower rate and in turn lower your monthly payments. You have a good amount of equity so you would be able to pull out some cash if you wanted/needed. If you plan on staying in the house for the rest of your life or at least for the life of the loan then I would recommend refinancing, I'm not sure what state you're in but you could contact a lender that you can trust and have them price out the rates for you. However, if you only plan on being in there for a few more years then it wouldn't make much sense to pay $3,000-$6,000 in closing costs just to lower your rate 0.500%. | 02.03.16 @ 00:08
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Answered by Hans Bruhner, Mortgage Banker in Sebastopol, CA
You need to have a mortgage professional give you a total cost analysis and to look at the cost over 5-10 years in order to make an informed decision. If you are in CA I can help you with this myself. | 02.16.16 @ 20:30
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$commenter.renderDisplayableName() — {comment} | 12.03.16 @ 05:00
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Answered by

Justin Clark
Justin Clark, Mortgage Broker in Moreno Valley, CA

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