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