Would it be advantageous to refinance our two homes based on today's rates?
Home #1 is our main residence and we are locked in a 30 year fixed at 4.875%.
Home #2 - This our rental property where we have current tenants in place. Rate on this property is 5.125%.
To answer this question properly, I need to know the outstanding mortgage balance on both properties, current market values and the length of time you've had the loans. | 10.07.15 @ 23:07
Thanks Jeffrey. Home #1 our main residence has a balance of $210,112.19 and has an estimated market value of $305,000 and 28 years are left on the 30 year loan. Home #2 has a balance of $115,114.01 with an estimated market value of $180,000 with 29 years left on the loan. Goal for both properties is to be in it for the long haul. | 10.07.15 @ 23:16
Assuming you have excellent credit (e.g. > 760+) you could get a 30 year fixed around 3.6% for about $1,200 in fees. In less than one year you would recoup your fees since you'd be saving about $155 per month on your new primary residence loan. You could save about $60 per month on your rental property, assuming good credit and a 4.25% new rate for 30 years. Cost would range between $500 to $1,300. | 10.07.15 @ 23:58
Thank you, this is very helpful, Have a great weekend. | 10.09.15 @ 20:11