Asked by trish  |  Submitted November 02, 2015

We were part of the making homes affordable group, and are now in the stage where our interest rate will raise one percentage a month.

We are at 2% currently, and know that is a good rate. When should we look to refinance for a better interest rate?

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  Answers  |  2

November 02, 2015

At 1 percentage a month you will be a 4% in just a couple of months which is where current rates sit for borrowers who qualify. A refinance transaction takes between 30-45 days to close after which you will not have a payment due for roughly 30-45 days. A refinance transaction today will put you right where you will be in a couple of months but at a fixed rate going forward.

$commenter.renderDisplayableName() | 01.19.17 @ 19:23

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November 03, 2015

Are you certain is monthly jump and not an annual one? Are you upside down in the mortgage to value?

$commenter.renderDisplayableName() | 01.19.17 @ 19:23

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