Should I refinance?

When should I refinance?

Many factors need to be addressed to properly decide.


A general rule of thumb if you plan to own your property for five years or more...


$125,000. divided by your mortgage amount.



Example 1: mortgage balance $250,000.


$125,000./$250,000. = .5

This means your new interest rate would have to be lower by more than one half of one percent to refinance.



Example 2: mortgage balance $62,500.


$125,000./$62,500. = 2.0

This means  your new interest rate would have to be lower by two percent or more to refinance.





19 Derry St.
Hudson   NH 03051-4007
Phone 603-883-0629